October 23, 2017
With tuition fees hovering around $50,000, plus the cost of room and board, Haverford College is among the priciest colleges in the U.S., last year landing in the top 10 of the country's most expensive.
Haverford College has already joined the ranks of similarly prestigious yet expensive universities offering extra assistance for low-income students. In 2008, at the University of Pennsylvania, for example, the university announced students from households making less than $90,000 would not pay tuition. At Haverford, the financial aid policy offers students from households making less than $60,000 a financial aid package with no loan expectation.
Haverford's new assistance program, LIFTFAR, will benefit both low-income students and students who are the first in their family to attend college; rather than cater specifically to tuition, however, the new LIFTFAR program addresses the additional financial needs that may arise outside of tuition, and thus, outside of initial financial aid packages. This could mean family-emergency travel, class trips, and other expenses.
“We had been responding to these needs in informal ways,” Dean of Student Life Michael Martinez said in a statement.
“Previously students who encountered incidental or emergency expenses would connect with individuals or offices to get their needs met. LIFTFAR will increase access to resources by making the process more systematic and centralized.”
Officials also hope the program will help bring to light common problems or needs felt among students, as well as help direct students toward resources available to them.
“LIFTFAR will also offer opportunities for students to learn about financial literacy – how to obtain and manage resources, undertake personal financial planning over different time periods, and generally expand financial options,” College President Kim Benston said in a statement.
So, while Haverford's financial aid policy already works to meet the needs of students, LIFTFAR could come in handy when unexpected costs for academic resources or emergencies arise that aren't covered by tuition and are unaffordable for the student otherwise.
Read more details about LIFTFAR here.