I wrote in an earlier post about how colleges and universities are replacing loans with grants in their financial aid packages. Today’s Wall Street Journal gives insight into how the Ivy League Schools calculate financial aid. For 2006-07, colleges contributed more grant money than the federal government.

Once you figure in financial aid, "the price to go to Harvard should be the same, or less, than the price to go to the flagship public universities," says Bill Fitzsimmons, Harvard’s dean of admissions and financial aid.

Harvard now is asking families earning $120-180K annually to contribute 10% of their income toward the cost of college. The emphasis in calculations is shifting from assets to income.

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