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September 7, 2008 7:59:29 AM CDT

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Harvard Offers Middle-Class Parents Help*

Posted Dec 31, 07 3:20 PM CST in US 

(Newser) – Generosity isn't what's fueling Harvard’s new $22 million giveaway to the middle class—it’s greed, educational consultant Steven Roy Goodman writes in the Boston Globe. Harvard’s giving the extra financial aid as a PR move, hoping to squash brewing legislation that would force universities to spend 5% of their endowments each year. Because Harvard has $35 billion squirreled away, that would amount to $1.75 billion.

The cost of college is becoming an issue on the 2008 campaign trail and in Congress. Goodman hopes the hubbub finally gets the nation to start asking universities tough questions like, “Why do you have $35 billion lying around anyway?,” “Why don’t universities play by nonprofit rules?,” and “Why can’t you spend just 5% of your tax-exempt income?”

Source Boston Globe

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Chart shows expansion of Harvard University's financial aid program.   (Associated Press)
Harvard College   (Archive Photos)
Harvard University graduates from left, Kara O'Reilly of New York, Maria Horch of New York, and Zach Puchtel of Minnesota celebrate their degrees at Harvard University's 2007 Commencement exercises on...   (Associated Press)
Graduates from Harvard University's John F. Kennedy School of Government hold inflatable globes as they celebrate their degrees at Harvard's 2007 Commencement exercises on campus in Cambridge, Mass. Thursday,...   (Associated Press)
Drew Gilpin Faust speaks during a ceremony where she was formally inaugurated as the first woman to lead Harvard, Friday, Oct. 12, 2007 at Harvard University in Cambridge, Mass. (AP Photo/Lisa Poole)   (Associated Press)
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Harvard  • higher education  • colleges and universities  • Ivy League  • endowment  • nonprofit  • financial aid  • college tuition


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