Thank You, Kenneth C. Griffin ’89

Last week, Harvard College received the biggest donation in its history: $150 million from hedge-fund manager and philanthropist Kenneth C. Griffin ’89. While other universities have gotten larger gifts, Griffin’s contribution gives the College a lock on one superlative: most committed to a generous financial aid program in the nation. Creating 200 new scholarships and supporting 600 others, the money represents a deep commitment to this institution’s core values, and one that should be emulated.

Today, ten years a go the College announced the creation of the Harvard Financial Aid Initiative.  Expanded two years later, HFAI lowered expected parent contributions for students across the board and waived fees entirely for those with family incomes of $65,000 or under. At the beginning of this academic year, 59.5 percent of students received some form of assistance, and the college’s average cost of attendance for those on aid stood at $15,486, making Harvard significantly cheaper than peer institutions such as Brown and Columbia. Unlike most American universities, the Harvard does not ask students on assistance to take out loans, reducing pressure on students to enter certain careers purely for financial reasons.

Making Harvard affordable for people of all socioeconomic backgrounds is a worthy endeavor, but not one without costs: since 2007, the annual financial aid budget has ballooned by almost 90 percent to $182 million. Dean of Admissions and Financial Aid William R. Fitzsimmons ’67 says that he will seek $600 million for financial assistance in the university’s recently-launched capital campaign, a sum that will ensure the continuation of HFAI.

We hope that Griffin’s donation portends good things to come. As much as the renovation of the Science Center plaza was welcome and housing renewal will be relief for Winthrop House’s beleaguered residents, people are what make a university great. Access—and its implicit promise of opportunity and upward mobility—must be at least as important as buildings and amenities. Griffin has acted in this spirit by devoting $125 million, the bulk of his gift, to financial aid.

We urge other university benefactors to follow his lead. They cannot all write $150 million checks, but they can help make a Harvard education possible for everyone.