Wednesday, January 16, 2008
Senator Charles Grassley, ranking member of the Senate Finance Committee, applauded the announcement by Yale University of significant increases in financial aid for undergraduate education. At the same time, he criticized other tax-exempt colleges and universities with endowments of $1 billion dollars or more that, unlike Harvard and now Yale, have not made such changes.
According to the announcement, Yale will now not require any financial contribution from families earning less than $60,000, will require contributions of only 1% to 10% of family income for families earning between $60,000 and $120,000, and an average of 10% of income for families earning above $120,000. The changes are expected to reduce the costs for attendance at Yale College, the undergraduate part of the university, by more than 50% for families earning less than $120,000 annually and by 33% or more for most families earning between $120,000 and $200,000.