WASHINGTON — Harvard University announced on Monday that students whose families make less than $200,000 annually will receive free tuition starting in the 2025-26 academic year.
The university said the expansion in financial aid will “make Harvard affordable to more students than ever, especially from middle-income families.”
“Putting Harvard within financial reach for more individuals widens the array of backgrounds, experiences, and perspectives that all of our students encounter, fostering their intellectual and personal growth,” Harvard University President Alan M. Garber said in a statement. “By bringing people of outstanding promise together to learn with and from one another, we truly realize the tremendous potential of the University.”
The change will enable about 86% of U.S. families to qualify for financial aid, expanding the university’s commitment to providing undergraduates with the resources needed to enroll and graduate, Garber said.
For students whose family income is $100,000 or below, the new plan will cover all billed expenses including tuition, food, housing, health insurance and travel costs. These students will also receive a $2,000 “start-up grant” in their first year and a $2,000 “launch grant” during their junior year, according to the school.
Students from families earning between $100,000 and $200,000 will also be tuition-free and could receive additional financial aid based on their circumstances. Even families earning above $200,000 may qualify for aid depending on their specific situation.
Currently, 55% of Harvard undergraduates receive financial aid, with their families paying an average of $15,700 for the 2023-24 academic year.
The average cost of tuition for an undergraduate student is about $56,550 a year, according to Harvard. When food, housing, health services and student services are factored in, the annual cost comes out to about $82,866.
“We know the most talented students come from different socioeconomic backgrounds and experiences, from every state and around the globe,” William R. Fitzsimmons, Harvard College’s dean of admissions and financial aid, said. “Our financial aid is critical to ensuring that these students know Harvard College is a place where they can be part of a vibrant learning community strengthened by their presence and participation.”
The Harvard Financial Aid Institute, launched in 2004, has expanded the income threshold to cover costs four times in the last two decades. Before Monday, the most recent increase was in 2023 when it was raised to $85,000.
The university has awarded more than $3.6 billion in undergraduate financial aid since launching its financial aid initiative, with a projected budget of $275 million for the 2025-26 academic year, the school said Monday.
In 2007, Harvard eliminated loans and provided assistance in the form of grants as well as eliminated home equity in determining family contribution.