To attract lower-income students to Yale University, which costs about $41,000 per year to attend, the school has increased its financial aid package in the following ways:

• For students from families making less than $45,000: no tuition will be charged
  
• For students from families making between $45,000 and $60,000: the family's required contribution will drop to an average of 50%

This move was taken, according to Yale President Richard Levin, to give the general message "that Ivy League schools are affordable. This is a dream that can be achieved."

Yale University is not the first Ivy League school to take this approach. For example, last year Harvard decided that students from families making less than $40,000 do not have to pay tuition.

Yale's move to make the school more affordable to lower-income students was well-received by the student population. According to Chance Carlisle, vice president of the College Council, "No one likes the perception that because you go to an Ivy League institution, you have to be from a financially well-off family."

Tip:  Whether or not you attend an Ivy League school, you can reduce your college costs by applying for and winning scholarships--there are billions of dollars in funding available each year. How can you find out about these opportunities? Check out Reference Service Press's award-winning financial aid directories for undergraduate or graduate students.