Harvard University has announced a major expansion to its financial aid program, offering free undergraduate tuition for students from families with annual incomes of $200,000 or less.
The move, which is set to begin in the 2025-26 academic year, aims to make the prestigious institution more affordable and accessible to a larger number of students.
Additionally, Harvard will cover all tuition, food, housing, health insurance, and travel costs for students from families earning $100,000 or less annually. Students in this income bracket will also receive a $2,000 start-up grant in their first year and a $2,000 launch grant in their junior year to help with the transition beyond Harvard.
Harvard President Alan M. Garber explained that the expansion of financial aid would help bring together students from diverse backgrounds, enriching their intellectual and personal growth. The university estimates that 86% of US families will qualify for financial aid under the new scheme.
This move follows the Harvard Financial Aid Initiative, which has expanded over time to cover more expenses for students from lower-income families. Currently, 55% of Harvard undergraduates receive financial aid, with families contributing an average of $15,700 for the 2023-24 academic year.
Other institutions have also made strides in expanding financial aid, including the University of Texas System and the Massachusetts Institute of Technology, which have both introduced programs to eliminate tuition costs for families earning under $200,000 annually.
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