What Harvard Actually Costs

The term Ivy League refers to a group of prestigious academic institutions. It conjures up images of elitism, selectivity, and academic excellence. What many people may not know is that it’s also an athletic conference in which these private schools participate. This group consists of Columbia, Brown, Cornell, Princeton, Yale, University of Pennsylvania, Dartmouth, and Harvard.

Attending one of these schools is a dream for many, with Harvard being a big contender on many students’ lists. But how much does it cost to attend? You may be surprised to find that financial aid can significantly reduce the hefty price tag associated with getting an education at an Ivy League school. Read on to find out what studying at Harvard really costs.

Key Takeaways

• Attending Harvard costs $56,550 in tuition for the 2024-2025 academic year, which jumps to $82,866 with housing and other expenses.
• The school provides lucrative financial aid packages to many of its students through its large endowment fund.
• If the family’s income is less than $85,000, the student will pay nothing to attended Harvard.
• The cost to attend Harvard is less than a public university for 90% of students.
• Harvard graduates with only an undergraduate degree earn a median mid-career salary of $177,400.

Understanding Harvard’s Costs

For many top students, a Harvard degree is about more than just a social cachet. In fact, it’s often the ticket to a great-paying job. That’s good news because a stint at Harvard doesn’t always come cheap.

The standard tuition for the 2024-2025 academic year is $56,550 without any financial aid, up from $54,269 a year earlier. Room and board and other fees bring the total price tag to a hefty $82,866, up from $79,450 the previous year.

That’s pricey even by private school standards. The average cost of a private, non-profit, four-year institution nationally is $38,768, according to the Education Data Initiative. The average for tuition and room and board combined was $58,628.

Plentiful Financial Aid

One of the benefits of a uniquely successful alumni pool is that many give back to the school and make it easier for low- and middle-income students to attend the institution. The school’s endowment helps make it possible to offer generous financial aid packages to those in need. The fund’s balance was $50.7 billion at the end of Harvard’s fiscal 2023.

Attending Harvard costs less than a public university for 90% percent of students. According to the university, more than half of the students enrolled at Harvard receive need-based scholarships.

Household income determines how much families are required to contribute to the cost of education at Harvard. As of the 2024-2025 school year:

• Families with a household income below $85,000 aren’t required to make any contribution to students’ educational costs.
• Students from families that make between $85,000 and $150,000 typically have to kick in between 0% and 10% of their family income.
• Those who come from families making more than $150,000 per year may still qualify for financial aid.

The average financial aid package per student during the 2023-2024 school year was $68,700. This figure includes federal and outside scholarships. Meanwhile, out-of-pocket costs for students and their families who had to pay averaged $13,000.

The university says that its admissions process is entirely need-blind. If you come from a lower-income family and are eligible to receive a sizable financial aid package, you theoretically have the same chance of admission as someone from a wealthier family. While international students cannot receive federal financial aid awards, they are eligible for university funds, which can help alleviate the cost of attending the institution.

Important

Harvard’s endowment posted investment returns of 2.9% during its fiscal year 2023.

Big Dividends Down the Road

A Harvard education is, by nearly any measure, an amazing investment even when you factor out the financial aid you may receive. Having the school on a resume offers an enormous leg up on the competition for many employers, including some Wall Street banks and prominent consulting firms. According to a 2024 survey by the school newspaper, more than two-thirds of the class of 2024 will earn $70,000 or more in their first year on the job. Furthermore, 40% of the graduating class has a job that will pay at least $110,000 per year.

Here’s another important fact. Attending Harvard leads graduates to valuable connections as their careers unfold, allowing them to sustain their success. PayScale’s College Salary Report suggested Harvard graduates are among the top earners nationally when it comes to salary at the midpoint of their careers. Graduates who only have an undergraduate degree have median earnings of $177,400 at the mid-career mark, with Harvard ranking tenth in the country. The median income increases to $169,000 by mid-career for those with a graduate degree. Keep in mind that earnings fluctuate based on a graduate’s job and type of degree.

PayScale also ranks American universities based on their 20-year return on investment (ROI). Harvard took the 17th spot, even before factoring in financial aid. When you factor in getting financial aid and compare Harvard graduates only to those from private colleges and those paying out-of-state tuition at public universities, it jumps to the eighth position with a median 20-year net payout of $1,231,000.

Note

Founded in 1636, Harvard is the country’s oldest post-secondary institution and is the alma mater of many noteworthy figures, including a number of U.S. presidents and Nobel Laureates. 

Harvard’s Demographics and Diversity Issues

According to the school’s website, Harvard is committed to diversity. Home to students from more than 100 different countries, Harvard states that it aims to register diverse individuals with different backgrounds, beliefs, and financial situations. The ethnicities of the admitted class of 2025 were broken up as follows:

But the school has come under fire for what some allege is a discriminatory admissions process. A student advocacy group called Students for Fair Admissions filed a lawsuit against the school in 2014, alleging that Harvard’s admissions process was race-based and discriminated against Asian Americans. Both the lower court and the federal appeals court that presided over the case found that the school’s practices were not discriminatory.

Drew Gilpin Faust, who was president of Harvard in 2016, created a task force to address diversity issues at the school, including gender, race, ethnicity, and sexuality. The report made a series of recommendations such as the hiring of diverse staff, improved mentoring, and departmental plans to advance inclusion.

How Much Does It Cost to Go to Harvard University for 4 Years?

A four-year undergraduate degree program at Harvard University costs over $217,000 without room and board or any other fees. Financial aid can significantly cut down the out-of-pocket expenses for those who qualify and need it the most.

How Much Is Harvard Tuition?

The tuition for the 2023-24 academic year at Harvard is $54,269, up from $52,659 in the previous academic year.

How Much Financial Aid Will I Get at Harvard?

The amount of financial aid you receive depends on your household income. According to Harvard, the average amount of aid received per student was $61,900. This amount included scholarships from the school as well as federal and outside aid.

Is Harvard Ever Free?

The university states that one of its main goals is to be more affordable and doesn’t require students to take out loans to fund their education. Students whose household income falls between $85,000 and $150,000 usually contribute between 0% and 10% of their annual income toward costs. Anyone with a household income above that threshold may still qualify for financial aid. Those whose incomes are below $85,000 won’t pay anything.

Can You Get Into Harvard With Money Alone?

The Harvard admissions process is need-blind, which means having money doesn’t necessarily mean you’ll be accepted to the school. Harvard has a generous financial aid program that is need-based, meaning a lack of money won’t prevent you from attending.

The Bottom Line

Harvard may have one of the country’s highest tuition rates, but many students pay far less—thanks to a hefty endowment and strong financial aid program. Regardless, research suggests that an education at this illustrious school is a terrific long-term investment.

Read the original article on Investopedia.