Surging Yield

The yield for the class of 2002 at Harvard and Radcliffe Colleges (the percentage of those admitted who accept that offer) rose to approximately 80 percent, the highest figure in 25 years and the best by far among the country's select colleges--a status long enjoyed. The figure improved on last year's 76.3 percent despite this year's raft of enhancements to financial-aid packages among competing elite colleges (see "Faster Track on Financial Aid," May-June, page 74). "The financial-aid competition was everything we anticipated," says James Miller, director of financial aid in Harvard and Radcliffe Colleges, who estimates that Harvard spent somewhere between $750,000 and $1.5 million in additional aid to meet this year's challenge. "It seems that everyone is digging deeper into financial-aid resources to attract kids."

For the seventh time in eight years, applications rose: 16,819 applied, compared with 16,597 last year. Harvard accepted 2,073, or 12.3 percent. The increased yield means that the class of 2002 is already full; in other years, 50 to 100 wait-listed applicants typically gained admission. The 769 entering women comprise 47 percent of the class and are the second-highest number ever, only 13 fewer than last year's 782. Asian Americans represent 19 percent of the class, African Americans 8.9 percent, Hispanic and Mexican Americans 6.3 percent, Puerto Ricans 1.6 percent, and Native Americans 0.7 percent.

The changes in the financial-aid landscape intensified the effort required to enroll desirable students. "There was a lot of heavy lifting," jokes Miller. During April, Harvard's admissions and financial-aid office stayed open 12 hours a day, six days a week, to field calls from students and their families who, as Miller says, "are trying to make a pretty important decision in a three-week time frame. We talked to a lot more people than we normally do. A lot of kids have tremendous merit offers from other colleges. The number surprised me, and the dollar amounts also surprised me. We used to see merit scholarships in the $5,000 to $7,000 range. This year we routinely saw $25,000 to $30,000 merit awards being offered." The heightened competition for top students has complicated the decision-making process for families. "People were looking at a myriad of opportunities in all sorts of combinations," says Miller. "On the other hand, some offers were remarkably simple: 'Your costs are $30,000, and your scholarship is $30,000.'"

Harvard, in contrast, has maintained its established policy of need-based financial aid, while using loans and student employment as part of its aid packages. Currently, nearly 70 percent of undergraduates receive financial aid, including 46 percent with scholarships. As in past years, there was no significant difference in yield between students who received financial aid and those who did not. "We were using as much creativity as we could, within our guidelines," says Miller. "In the short term, it looks like the intense competition will not abate. Jeremy [Knowles, dean of the Faculty of Arts and Sciences] and Neil [Rudenstine] recognized that, and said, 'Do what you have to do.'"

This summer and fall, Harvard will review its financial-aid policies; Miller cites four main topics for scrutiny. First, the self-help component--work and loans. "The concern about loan expectation or a job expectation varies from family to family," says Miller. The second area involves the treatment of external scholarships, such as those granted by fraternal organizations. "Now, we integrate them into the package and may reduce the institutional scholarship, loan, and job-offer components accordingly," Miller says. "But many people feel that they've worked hard to win these scholarships and should get their full benefit." The third question is how Harvard deals with middle-class families who have saved for college, as opposed to those who have not. This is a persistent sore point, often raised by families on the saving side of the equation, who feel penalized for their prudence. Finally, Harvard will reconsider the extent of summer earnings that students are asked to contribute. "Perhaps students ought not to work for one or more summers--to allow someone, for example, to do thesis research," Miller says. Summing up, he notes, "There are a number of plates spinning in the air."