Harvard University announced on Monday (17) that it will make its tuition free for students from families with an annual income of $200,000 or less, starting in the 2025-26 academic year.
Attending Harvard will also be completely free for students from families with a household income below $100,000, with the university covering all incurred expenses, meaning, in addition to tuition, food, housing, health insurance, and travel costs. Furthermore, each of these students will receive an initial grant of $2,000 in their first year and another $2,000 grant during their third year to help support their transition after Harvard.
The expanded financial aid will allow approximately 86% of U.S. families to qualify for Harvard’s financial aid, according to the university.
“Making Harvard financially accessible to more individuals broadens the range of backgrounds, experiences, and perspectives that all of our students encounter, fostering their intellectual and personal growth,” said Harvard University President Alan M. Garber in the announcement. “By bringing together individuals of exceptional promise to learn from one another, we truly realize the tremendous potential of the University.”
“We know that the most talented students come from different backgrounds and socioeconomic experiences, from all states and around the world,” added William R. Fitzsimmons, Dean of Admissions and Financial Aid at Harvard College. “Our financial aid is essential to ensure that these students know that Harvard College is a place where they can be part of a vibrant learning community strengthened by their presence and participation.”
The expansion builds on previous Harvard financial aid initiatives. In 2004, it launched the Harvard Financial Aid Initiative, which covered all costs of tuition, food, and housing for students from families with an annual income of $40,000 or less. This threshold has increased fourfold since then—from $60,000 in 2006 to $85,000 most recently in 2023.
Harvard College stated that its annual financial aid budget will be $275 million for the 2025-26 academic year. Fifty-five percent of Harvard undergraduates currently receive financial aid, paying an average of $15,700 for the 2023-24 year.
With this change, Harvard joins several other elite institutions, such as MIT, the University of Pennsylvania, and Dartmouth College, that have expanded their financial aid in an effort to become accessible to more students.
Source: Forbes