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Costs and Financial Aid 

Attending college can be very expensive – often ranging from $9,400 (for in-state public university students), to $23,900 (for out-of-state public university students), to $32,400 (for private university students), according to the College Board. For those at public universities, there can often be additional costs, including housing, food, and books. While these costs may seem very high, don’t worry – the salaries of those who attend college are much higher (typically around $21,000/yearly). There also is the potential for very high financial aid available, especially at ivy league universities. 

All colleges are different, but at Harvard, which has a very generous financial aid program, 20% of undergraduates (both US and international students whose families make less than $65,000/yearly) pay nothing at all for college. Over half of students (55%) receive some form of need-based financial aid, helping to bring down the cost of their college education. Many colleges have a financial aid calculator, which you can use to estimate your necessary financial contribution. When looking into what college you want to attend, costs and financial aid are a very important factor. 

Do I have to pay financial aid back? 

No! Financial aid is composed of a mixture of scholarships and grants, which will be used to pay for your college education, and you don’t have to it back. Financial aid can also include “work-study,” in which you will receive access to jobs and the government will pay a portion of your salary in order to help pay for a portion of your tuition. 

When assessing your financial aid package, see if loans are included or if there is a gap in costs that your family must cover. If so, you will have to take out loans from your university, a bank, or a private lender (which must be paid back) or apply to additional scholarships (which do not have to be paid back) in order to make up the difference. Check out these websites (here, here, and here) for scholarships that students can apply to! 

What are the necessary steps to applying for financial aid? 

Firstly, when applying to colleges, you can request need-based fee waivers for applications or through the Common App in order to remove the burden of application fees (which can often range from $40-$70/each), as well as fee waivers for standardized tests such as the ACT and SAT. Sometimes these fee waivers are only available to domestic US students but check with the university you are applying to to see if you are eligible! 

Next, the most important thing is to submit your FAFSA (Free Application for Federal Student Aid) as soon as possible (it is accepted beginning October 1), as it is given on a first-come, first-serve basis. This must be renewed annually and requires students to submit information about their family’s income and assets. More information on what you need when filling out your FAFSA can be found here. You should apply for federal financial aid, even if you don’t believe you’ll qualify! Federal financial aid is also available for part-time students. FAFSA is usually only available to US domestic students. © Project Access 2018, 09/07/2019 15:06:00 2Nina Emilie BechmannNina Emilie BechmannNina Emilie Bechmann 

Next, fill out a financial aid supplement application for your university, and be sure to submit any additional documents that are needed. These deadlines vary by university, so be sure to check to make sure. 

What if I'm an international student? Can I still apply for financial aid? 

Yes! For international students or students that are not permanent US residents, this process may look a little bit different, but you are still eligible to apply for financial aid. Often, colleges will ask students to fill out a FAFSA anyway, even though they are not eligible to receive federal aid. Here is a helpful breakdown of what that process looks like. Students should check with the individual college that they are applying to for specific requirements. 

Written by Cora Neudeck, Harvard College ‘19