8 ms·

According to Harvard (https://www.harvard.edu/about-harvard/harvard-glance https://www.harvard.edu/about-harvard/harvard-glance): "The Harvard College financia

by runako 8y ago

According to Harvard (https://www.harvard.edu/about-harvard/harvard-glance https://www.harvard.edu/about-harvard/harvard-glance): "The Harvard College financial aid program requires no contribution from Harvard families with annual incomes below $65,000; asks from 0 to 10% of income for those with incomes up to $150,000; and expects proportionally more from families with incomes above $150,000." If your family makes <$150k, it sounds like Harvard costs up to about as much as the (public) University of Minnesota charges in-state residents. (Depending on your situation, Harvard may cost substantially less.) If you borrowed half of the $15k annually (the max 10% of $150k income), that's not an insane burden when paid over 30 years. This seems fairly balanced. Granted they could zero out fees for families further up the income scale, but on the other hand "rich kids go to Harvard free" is maybe not the best use of the money.

ordinaryradical 8y ago
This seems to be undergraduate only. Am I mistaken? I was talking about graduate students as well.
- HarryHirsch 8y ago
  In any halfway decent graduate program the students are paid graduate stipends from teaching assignments and grants awarded to the advisor. That's important! If you are asked to pay for graduate tution, the program is worthless. Corollary: taught Masters programs are worthless, they are moneyspinners for the university,.
  - hopler 8y ago
    Paid Masters programs are not worthless, because employers pay for masters degree holders.
    - barry-cotter 8y ago
      Not enough in most cases to make up for the earnings lost during the time spent studying, never mind the tuition. MBAs aren’t worth it outside the top tier. There are fields where a Master’s is a de facto requirement but they’re generally prestige fields where the money is crap in any case, for at least five years after graduation, for people with rich parents or spouses. Think publishing, fashion, art curation or working in the aid industry. There are also fields where a doctorate is the entry level qualification like biotech, materials science etc. even in the private sector, but that's what happens when a there are more than ten times as many PhDs producer as there are academic jobs for.
    - nradov 8y ago
      And if you're already an employee, many employers will reimburse tuition for accredited master's degree programs.
  - barry-cotter 8y ago
    A taught Master’s is a great deal if it will help you substantially with immigrating to the US. That explains the demographics of taught Master’s in CS handily.
  - wpasc 8y ago
    Many companies who have tiered hiring packages (many, many employers) by default reward a masters more than a bachelors, and a phd more than a masters. There are quite a few examples (especially at good employers) of a masters being plainly rewarded in writing
- dgacmu 8y ago
  PhD tuition is covered. Masters' students usually have to pay.
  - cbkeller 8y ago
    Yeah, this is the #1 thing people get wrong about STEM grad school. Not only is tuition 100% covered, you get a stipend that's usually 20-30k per year depending on local cost of living. Masters is completely covered too if you go in to a program that's expected to continue on to a PhD, and will as likely as not be covered even for a plain masters in some pure science fields.
    - kevinventullo 8y ago
      The stipend is even north of 30k in STEM at places like Harvard and MIT.
      - infinite8s 8y ago
        It's even north of 30k at places like John's Hopkins in super cheap Baltimore (and this was more than 10 years ago when I left)
        kevinventullo 8y ago
        Could be a private school vs public school distinction. UC stipends were < 30k in the early 2010's.
        infinite8s 8y ago
        Perhaps, but our stipends were determined by NIH training grants.
        selimthegrim 8y ago
        It was <20 at UCSB in chemistry then.
    - 8y ago
- runako 8y ago
  You said "college," which means undergraduate in the US. First: nobody is forced to get a graduate degree. In many fields (like programming), it's nothing like a requirement to earnings maximization. Since grad students already have degrees, they are also free to work and save until they can pay for fees outright or reduce their loan burden. I don't have total stats in front of me, but it looks like the Law/Medical/Business schools are ~50% of graduate employment at Harvard. Take it as read that these are worth borrowing for. The other 50% -- AFAIK there is a significant portion of students on fellowships/scholarships of some kind. My guess is very few people are taking on a bunch of debt for a Divinity PhD. At this point, it's fair to say that Harvard offers better financial value at all levels for its programs than many public universities offer their in-state residents.
  - ordinaryradical 8y ago
    > The other 50% -- AFAIK there is a significant portion of students on fellowships/scholarships of some kind. My guess is very few people are taking on a bunch of debt for a Divinity PhD. It's interesting that so many replies function on these kind of assumptions when I am telling HN my literal experience at an Ivy League postgraduate program. I received two of the available three fellowships one could compete for. They covered less than 5% of tuition overall. Six figures of debt was the norm for my program. Now of course, as you said, no one is forced to get a degree in humanities or what have you, but my point is that if you make expertise in these fields contingent on massive, insurmountable debt, you impoverish the culture.
    - runako 8y ago
      >> It's interesting that so many replies function on these kind of assumptions when I am telling HN my literal experience at an Ivy League postgraduate program. You've hinted at your experience without providing details (even the school or the type of graduate program). I obviously can't comment on your situation because I know nothing about it. I am literally assuming nothing about your experience. I do know other Harvard grads (both undergraduate and grad programs) and have some insight into their situations. They don't have "massive, insurmountable debt." Anecdata abound. I vigorously agree with your last point.
chrisseaton 8y ago
Why do they base it on family income? What if you have wealthy parents but they choose not to spend money on your tuition? Students are adults when they go to college - family background should be irrelevant.
- bseidensticker 8y ago
  That system would be ripe for abuse. Just tell schools that your parents have disowned you and you need a full ride.
  - chrisseaton 8y ago
    I wonder if people still get caught in the middle with that - their parents could not have disowned them and could still be in a relationship with them, they just don't think that college is worthwhile or something so they don't want to contribute. But then as you say, what stops all parents pretending they don't think college is worthwhile. Which is why it could be better to not look at the parents income at all.
    - deleted 8y ago
      [deleted]
    - deleted 8y ago
      [deleted]
- Teknoman117 8y ago
  My problem isn't even the family income decision, it's that the universities don't care how many children there are in a given family either. My parents could've paid for my college education with some sacrifice (I paid for it, but they could have done so financially) if it were just me going to college. But I have two younger sisters, and there's no way they could cover all three of us.
- alasdair_ 8y ago
  The way the FAFSA program works is even worse. If a parent remarries, the step-parent’s income is also taken into account. Additionally, any parent can simply refuse to hand over tax returns and the child is left having to pay 100 percent of the costs.
marnett 8y ago
Financially it also means they have strict quotas on the required wealth of a specific portion of the incoming class, no? They must have a certain number of the incoming freshman class be from families making more than $150,000 a year in order to be solvent.
- runako 8y ago
  Like many rich schools, Harvard has had a need-blind admissions policy for decades. This means admissions decisions are decoupled from decisions about who can pay, basically guaranteeing the opposite of your supposition. Harvard's endowment is ~$40 billion right now. They're solvent.
  - hopler 8y ago
    They have need blind admissions but they have legacy-aware admissions. It's a happy accident that alumni happen to be wealthy. So in reality it's not need blind.
    - jessriedel 8y ago
      Not just legacy-aware, they grant admission in exchange for large donations. https://www.thecrimson.com/article/2018/10/18/day-three-harvard-admissions-trial/ https://www.thecrimson.com/article/2018/10/18/day-three-harv...
      - joejerryronnie 8y ago
        It’s amazing how a donated building can help the “need blind” admission officers see the light.
        whitexn--g28h 8y ago
        In this specific case of making a donation large enough to build classroom space / hire professors , the person is increasing the teaching capacity of the school by more than 1, allowing them to attend in exchange helps everyone.
Lkjhmnbv 8y ago
Until you realize over 50% of the school is the progeny of the 1%. Then you realize what's actually going on.

by runako 8y ago

ordinaryradical 8y ago

This seems to be undergraduate only. Am I mistaken? I was talking about graduate students as well.

HarryHirsch 8y ago
In any halfway decent graduate program the students are paid graduate stipends from teaching assignments and grants awarded to the advisor. That's important! If you are asked to pay for graduate tution, the program is worthless. Corollary: taught Masters programs are worthless, they are moneyspinners for the university,.
- hopler 8y ago
  Paid Masters programs are not worthless, because employers pay for masters degree holders.
  - barry-cotter 8y ago
    Not enough in most cases to make up for the earnings lost during the time spent studying, never mind the tuition. MBAs aren’t worth it outside the top tier. There are fields where a Master’s is a de facto requirement but they’re generally prestige fields where the money is crap in any case, for at least five years after graduation, for people with rich parents or spouses. Think publishing, fashion, art curation or working in the aid industry. There are also fields where a doctorate is the entry level qualification like biotech, materials science etc. even in the private sector, but that's what happens when a there are more than ten times as many PhDs producer as there are academic jobs for.
  - nradov 8y ago
    And if you're already an employee, many employers will reimburse tuition for accredited master's degree programs.
- barry-cotter 8y ago
  A taught Master’s is a great deal if it will help you substantially with immigrating to the US. That explains the demographics of taught Master’s in CS handily.
- wpasc 8y ago
  Many companies who have tiered hiring packages (many, many employers) by default reward a masters more than a bachelors, and a phd more than a masters. There are quite a few examples (especially at good employers) of a masters being plainly rewarded in writing
dgacmu 8y ago
PhD tuition is covered. Masters' students usually have to pay.
- cbkeller 8y ago
  Yeah, this is the #1 thing people get wrong about STEM grad school. Not only is tuition 100% covered, you get a stipend that's usually 20-30k per year depending on local cost of living. Masters is completely covered too if you go in to a program that's expected to continue on to a PhD, and will as likely as not be covered even for a plain masters in some pure science fields.
  - kevinventullo 8y ago
    The stipend is even north of 30k in STEM at places like Harvard and MIT.
    - infinite8s 8y ago
      It's even north of 30k at places like John's Hopkins in super cheap Baltimore (and this was more than 10 years ago when I left)
      - kevinventullo 8y ago
        Could be a private school vs public school distinction. UC stipends were < 30k in the early 2010's.
        infinite8s 8y ago
        Perhaps, but our stipends were determined by NIH training grants.
        selimthegrim 8y ago
        It was <20 at UCSB in chemistry then.
  - 8y ago
runako 8y ago
You said "college," which means undergraduate in the US. First: nobody is forced to get a graduate degree. In many fields (like programming), it's nothing like a requirement to earnings maximization. Since grad students already have degrees, they are also free to work and save until they can pay for fees outright or reduce their loan burden. I don't have total stats in front of me, but it looks like the Law/Medical/Business schools are ~50% of graduate employment at Harvard. Take it as read that these are worth borrowing for. The other 50% -- AFAIK there is a significant portion of students on fellowships/scholarships of some kind. My guess is very few people are taking on a bunch of debt for a Divinity PhD. At this point, it's fair to say that Harvard offers better financial value at all levels for its programs than many public universities offer their in-state residents.
- ordinaryradical 8y ago
  > The other 50% -- AFAIK there is a significant portion of students on fellowships/scholarships of some kind. My guess is very few people are taking on a bunch of debt for a Divinity PhD. It's interesting that so many replies function on these kind of assumptions when I am telling HN my literal experience at an Ivy League postgraduate program. I received two of the available three fellowships one could compete for. They covered less than 5% of tuition overall. Six figures of debt was the norm for my program. Now of course, as you said, no one is forced to get a degree in humanities or what have you, but my point is that if you make expertise in these fields contingent on massive, insurmountable debt, you impoverish the culture.
  - runako 8y ago
    >> It's interesting that so many replies function on these kind of assumptions when I am telling HN my literal experience at an Ivy League postgraduate program. You've hinted at your experience without providing details (even the school or the type of graduate program). I obviously can't comment on your situation because I know nothing about it. I am literally assuming nothing about your experience. I do know other Harvard grads (both undergraduate and grad programs) and have some insight into their situations. They don't have "massive, insurmountable debt." Anecdata abound. I vigorously agree with your last point.

chrisseaton 8y ago

Why do they base it on family income? What if you have wealthy parents but they choose not to spend money on your tuition? Students are adults when they go to college - family background should be irrelevant.

bseidensticker 8y ago
That system would be ripe for abuse. Just tell schools that your parents have disowned you and you need a full ride.
- chrisseaton 8y ago
  I wonder if people still get caught in the middle with that - their parents could not have disowned them and could still be in a relationship with them, they just don't think that college is worthwhile or something so they don't want to contribute. But then as you say, what stops all parents pretending they don't think college is worthwhile. Which is why it could be better to not look at the parents income at all.
  - deleted 8y ago
    [deleted]
  - deleted 8y ago
    [deleted]
Teknoman117 8y ago
My problem isn't even the family income decision, it's that the universities don't care how many children there are in a given family either. My parents could've paid for my college education with some sacrifice (I paid for it, but they could have done so financially) if it were just me going to college. But I have two younger sisters, and there's no way they could cover all three of us.
alasdair_ 8y ago
The way the FAFSA program works is even worse. If a parent remarries, the step-parent’s income is also taken into account. Additionally, any parent can simply refuse to hand over tax returns and the child is left having to pay 100 percent of the costs.

marnett 8y ago

Financially it also means they have strict quotas on the required wealth of a specific portion of the incoming class, no? They must have a certain number of the incoming freshman class be from families making more than $150,000 a year in order to be solvent.

runako 8y ago
Like many rich schools, Harvard has had a need-blind admissions policy for decades. This means admissions decisions are decoupled from decisions about who can pay, basically guaranteeing the opposite of your supposition. Harvard's endowment is ~$40 billion right now. They're solvent.
- hopler 8y ago
  They have need blind admissions but they have legacy-aware admissions. It's a happy accident that alumni happen to be wealthy. So in reality it's not need blind.
  - jessriedel 8y ago
    Not just legacy-aware, they grant admission in exchange for large donations. https://www.thecrimson.com/article/2018/10/18/day-three-harvard-admissions-trial/ https://www.thecrimson.com/article/2018/10/18/day-three-harv...
    - joejerryronnie 8y ago
      It’s amazing how a donated building can help the “need blind” admission officers see the light.
      - whitexn--g28h 8y ago
        In this specific case of making a donation large enough to build classroom space / hire professors , the person is increasing the teaching capacity of the school by more than 1, allowing them to attend in exchange helps everyone.

Lkjhmnbv 8y ago

Until you realize over 50% of the school is the progeny of the 1%. Then you realize what's actually going on.