Imagine graduating from college with zero debt. Some people don't have to imagine it; they're fortunate enough to live it. Most of us, though, have a long-term relationship established with our student loans. Well, Harvard University may have changed all that for future graduates.

Thanks to the prestigious university's Financial Aid Initiative, which was announced in December 2007, students whose parents' combined income is less than $60,000 per year, are eligible for a four-year grant to attend. The program, according to the FAQ page, is entirely need-based and considers such factors as income, assets, size of family and "unusual expenses."

Assets like retirement funds and home equity are no longer considered when assessing a student's financial need. And students whose family incomes exceeds $60,000 per year can still qualify for grants to reduce their overall debt after graduation.

Harvard's standards of academic excellence haven't diminished along with the tuition, mind you. The Financial Aid Initiative simply makes it possible for high-caliber students to get a stellar education, regardless of their families' incomes. Considering what the nation's economy looks like right now, Harvard's generosity can't be beat.

For more information visit:

http://www.fao.fas.harvard.edu