Harvard University plans to raise the price of tuition, room, board and fees for undergraduates in the next academic year by a combined 3.5 percent to $56,407.
Harvard College’s cost in the 2013-2014 academic year will affect students who don’t receive need-based financial aid, according to a statement today from the Cambridge, Massachusetts-based institution. The school’s aid budget will increase by $10 million, or 5.8 percent, to $182 million.
More than 60 percent of Harvard undergraduates annually receive scholarships based on financial need, paying on average $12,000 toward the cost of tuition, room and board, Harvard said. About 20 percent of families pay nothing, the school said.
“Despite the budget challenges posed by less-than-robust endowment returns and threatened federal funding cuts, I’m pleased that we have again renewed our commitment to making a Harvard College education affordable for any student, regardless of financial means,” Michael D. Smith, dean of Faculty of Arts and Sciences, said in the statement.