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Debt Reduction 101

Harvard Medical School is one of the best in the nation, but at roughly $65,000 a year, a medical degree from the venerable institution could leave you in deep debt .

The University recently announced plans to offer more scholarships and loans to prospective students and also up the ante on what families and parents must contribute. The hope is to reduce costs for families with incomes of less than $120,000. They are currently expected to contribute $12,500 per year and take out at least $24,000 in loans; more if they don’t receive any sort of scholarship. The policy will benefit at least a third of current students, and hopefully encourage more students to apply to the prestigious program.

With tuition costs soaring across the country, starting college is a daunting prospect for many families. Let’s hope other universities follow suit and help students get the best education possible with the least amount of debt! [PressMediaWire]

Posted: 3/26/08