In another move to make the playing field more level when it comes to attending their university, the folks at Harvard have increased financial aid while also doing away with loans and grant. Their new plans are targeting middle and upper-middle class families - who often make too much for government help, but not enough that they can effortlessly cover the cost of a Harvard Education.

Harvard is basing their new financial requirements on a families income:

“Now, however, parents earning between $60,000 and $120,000 will pay a percentage of their income, rising to 10 percent. Families with incomes between $120,000 and $180,000 will have to pay 10 percent of their incomes.

Harvard also said it would take home equity out of its wealth calculation in financial aid, which should provide a greater boost for students and parents. Overall, Harvard said a typical family earning $120,000 would pay about $12,000 next year, down from $19,000 under current award policies. For a typical family earning $180,000, the bill would drop to $18,000, from more than $30,000.” [The New York Times]

I’m sure Sallie Mae isn’t excited by this development….