Harvard will now offer free tuition for families earning $200,000 or less a year

Harvard University has announced it will offer free tuition to students from families earning $200,000 or less per year, starting in the 2025-26 academic year. This expansion of financial aid aims to make a Harvard education more accessible, covering the full $56,550 tuition cost. However, families will still need to cover additional expenses like housing and supplies, estimated at $26,000 annually.

For families earning $100,000 or less, Harvard will also cover these extra costs, making attendance entirely free. Eligible students will receive a $2,000 grant in both their first and junior years to assist with expenses.

Harvard, with its $53 billion endowment, has continually expanded its financial aid programs. Since 2004, it has offered tuition-free education for lower-income families, and in 2007, it eliminated loans from aid packages, replacing them with grants.

Despite these initiatives, Harvard’s student body remains wealth-skewed, with nearly 40% from the top 5% of earners. The university hopes this new policy will create more opportunities for talented students from diverse economic backgrounds.

Source: CNBC