Explore Harvard’s Financial Aspects of College Admission Terms, demystifying scholarships, tuition fees, and financial aid for informed decisions.
Understanding the financial nuances of college admissions can greatly aid students and their families in preparing for and navigating the costs associated with prestigious institutions such as Harvard. The landscape of college admissions encompasses not only academic achievements and personal statements but also financial considerations that profoundly impact a student’s path to their desired institution.
From scholarships and grants to tuition fees and financial aid, this lexicon is a compass for prospective students and parents, ensuring informed decisions and financial preparedness for this educational pursuits.
- Bursar: The university’s financial office responsible for billing and payments.
- FAFSA: The Free Application for Federal Student Aid, a form central to determining financial aid eligibility in the U.S.
- Financial Aid Package: The total amount of financial support a student receives, combining grants, loans, scholarships, and work-study.
- Grant: Financial aid that doesn’t have to be repaid, often based on need. Business management students, like others, can explore specific grants available in their field.
- Merit-based Scholarship: Financial awards based on academic, artistic, or athletic achievement, not necessarily on financial need.
- Need-blind Admission: An admissions policy where the applicant’s financial situation isn’t considered in the acceptance decision.
- Tuition: The basic cost of attending an institution, excluding room, board, and other fees.
- Work-study: A federal program allowing students to work part-time jobs on or near campus to earn money for college expenses.
Financial Aid & Scholarships
Terms and concepts in this category relate to the financial support mechanisms in place to make Harvard accessible for all qualified students.
- Need-based Financial Aid: Assistance granted based on the financial needs of the student. Harvard’s aid policies prioritize demonstrated financial need.
- Merit Scholarships: Although Harvard primarily offers need-based aid, other organizations might offer merit-based scholarships to students accepted to institutions like Harvard.
- FAFSA (Free Application for Federal Student Aid): A form filled out by U.S. college applicants to determine their eligibility for federal financial assistance.
- CSS Profile: A financial aid application service of the College Board, used by many institutions, including Harvard, to assess the financial need of applicants.
- EFC (Expected Family Contribution): An estimate of the family’s ability to contribute to the student’s education for one academic year.
- Outside Scholarships: Scholarships from non-Harvard sources that students can apply for separately and report to the financial aid office.
- Net Price Calculator: An online tool provided by Harvard to give potential applicants a personalized estimate of their financial aid package.
Billing & Account Management
Once admitted, students and their families interact with these financial terms and tools during their Harvard journey.
- Term Bill: The primary statement of student charges and credits, issued every term, detailing tuition, fees, room, and board.
- Student Receivables Account: An online portal where students and authorized payers can view account activity, make payments, and manage billing notifications.
- Payment Plan: Harvard offers the option for families to pay the term bill in monthly installments.
- Late Fees: Charges applied to the student’s account if the term bill isn’t paid by the due date.
- Refunds: In cases of overpayment or adjustments to the term bill, students might be eligible for refunds.
Loans & Work-Study
Components of financial aid packages that involve work and repayment.
- Federal Direct Student Loan: A U.S. government-backed loan that undergraduate students can borrow directly from the federal government.
- Federal Work-Study Program: Part of federal aid where students take on part-time jobs, often on-campus, to earn money to help pay for school.
- Private Loans: Loans taken by the student or parent from a private lender, usually a bank, credit union, or state-affiliated organization.
- Perkins Loan: Previously available federal loan based on exceptional financial need.
- Loan Servicer: An agency that manages loans, handling billings, payments, and customer service on behalf of the loan holder.
This knowledge empowers students and families to navigate the complex financial landscape with confidence and foresight. Scholarships and grants become attainable goals, while understanding tuition fees and financial aid options ensures financial stability.
With a clear understanding of these financial aspects, students can embark on their academic journeys with financial preparedness and peace of mind.