According to Harvard, prior to the start of the Harvard Financial Aid Initiative (HFAI), fewer than 20,000 students applied for admission. This year, nearly 40,000 students applied to Harvard.
One big reason is the availability of financial aid by the HFAI. According to Sarah C. Donahue, Griffin Director of Financial Aid. “The majority of Harvard students receive need-based aid, and their families pay an average of only $12,000. Students are not required to take out loans.”
Since launching HFAI in 2005, Harvard has awarded nearly $1.6 billion in grants to undergraduates. Over that time, Harvard’s annual financial aid award budget has increased more than 114 percent, from $80 million in 2005 to more than $172 million in 2016.
How do you determine the popularity of a school? According to US News there is a concept called, 'yield'. The yield is the percentage of students who enroll at the school after being admitted. A higher yield typically indicates a school's popularity and desirability in a student's eyes and is often associated with a "first-choice school," experts say.