In one of Faust's first initiatives, she significantly increased financial aid offers to students at Harvard College. On December 10, 2007, Faust announced a new policy for middle-class and upper-middle-class students, which limited parental contributions to 10 percent for families making between $100,000 and $180,000 annually, and replaced loans with grants. In announcing the policy, Faust said, “Education is the engine that makes American democracy work... And it has to work and that means people have to have access.” The new policy expanded on earlier programs that eliminated contributions for families earning less than $60,000 a year and greatly reduced costs for families earning less than $100,000. Similar policies were subsequently adopted by Stanford, Yale, and many other private U.S. universities and colleges.