College costs remain sky-high, with some universities nearing $100,000 per year. However, most families pay significantly less thanks to financial aid. Scholarships, grants, and loans reduce the net cost, making many schools more affordable. Filling out the FAFSA (Free Application for Federal Student Aid) is crucial for accessing federal aid, even with recent issues.
To curb the college affordability crisis, several institutions have adopted "no-loan" policies, eliminating student loans from financial aid to ensure students graduate debt-free. Inspired by Princeton University, 23 colleges now offer no-loan policies, meeting students' financial needs solely with grants. This approach alleviates the heavy burden of student debt, enhancing access to higher education and attracting more applicants. While loans are eliminated, students may still incur other costs such as family contributions and fees.
Despite challenges, Harvard University has reclaimed its position as the most sought-after institution for prospective students, surpassing competitors such as MIT and Stanford. An increased early acceptance rate has potentially alleviated concerns following antisemitism incidents. Harvard's generous financial aid, notably free tuition for families earning less than $85,000, continues to be a significant attraction for students, mitigating the impact of financial aid delays faced by some families.
