NASFAA Mention: Harvard to Prorate Undergrad Room and Board Costing $18,000

"Harvard College, where room and board for undergraduates costs almost $18,000 this academic year, plans to prorate such charges as of March 15," Bloomberg reports. "The school informed students of the decision on a section of its website that addresses the impact of the coronavirus. Harvard has ordered students to move out of their housing by March 15. All courses will continue remotely."

"... Harvard, the richest U.S. university, hasn't yet determined other refunds. More than 55% of undergraduate students there receive financial aid and don't pay the full amount.

'The university is still working on the details for what will happen with any other student charges,' Harvard College, the university's undergraduate school, said in a statement on its website.

Not every university has the resources to prorate student expenses.

'The calculations that colleges have to do when determining refund policies are complex,' said Justin Draeger, president of the National Association of Student Financial Aid Administrators. 'What some schools can afford to do will be very different from other schools.'

For schools that don't offer online classes and have shut down, colleges would need to return students' federal loans and government grants for those who are low-income, Draeger said."

NASFAA's "Notable Headlines" section highlights media coverage of financial aid to help members stay up to date with the latest news. Articles included under the notable headlines section are not written by NASFAA, but rather by external sources. Inclusion in Today's News does not imply endorsement of the material or guarantee the accuracy of information presented.



Publication Date: 3/12/2020

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