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Harvard Raises Costs 3.5 Percent While Boosting Aid

March 26 (Bloomberg) -- 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.

To contact the reporter on this story: John Hechinger in Boston at jhechinger@bloomberg.net

To contact the editor responsible for this story: Lisa Wolfson at lwolfson@bloomberg.net

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