Yale will greatly increase its financial aid offerings in a plan similar to the one Harvard unveiled last month, the Yale Daily News reports. Families making between $120,000 and $200,000 ($20,000 more than Harvard's cut-off) annually will pay tuition of around 10% of income, and those earning $60,000 to $120,000 will pay a lower percentage. Kids whose family income is lower get a free ride.
“Yale should be a college of choice for the very best and brightest students regardless of financial circumstances,” said the school's president. Yale will boost its financial aid budget from about $56 million to $80 million. Tuition, which has recently jumped about 5% annually, will now increase by 2.2% a year, to match the rise of inflation. (Read more financial aid stories.)