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Harvard Offers More FInancial Aid

Harvard University announces a major expansion of financial aid that will reduce tuition bills — even for families earning six figures.

The university will replace all loans with grants, and spend up to 22 million dollars more annually on aid, mostly targeting middle- and upper-middle class students.

Families earning under $60,000 already pay nothing to attend the world's richest university, with an endowment of nearly 35 billion dollars.

Now, families earning between $60,000 and $120,000 will pay a percentage of their incomes, rising to ten percent. Those earning between $120,000 and $180,000 will have to pay ten percent of their incomes.

About half of Harvard students receive some form of aid, including students from about 100 families who earn more than $200,000.

Harvard is also taking home equity out of its wealth calculation in financial aid.

This program aired on December 10, 2007. The audio for this program is not available.

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