Harvard University is giving free tuition for all students coming from families making $200,000 or less per year, the Ivy League school announced Monday, March 17.
That means about 86% of American families will qualify for the free ride to one of the world’s most elite universities, according to ABC News.
“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 new plan will enable about 86% of U.S. families to qualify for Harvard financial aid and expand the Ivy League college’s commitment to providing all undergrads the resources they need to enroll and graduate, according to Garber.
Undergraduate students from families with annual incomes of $100,000 or less will not only have tuition covered but also housing, food, health services, and other student services, the university said.
Students from a family making an annual income of $200,000 or less will be able to attend Harvard tuition-free, according to the school.
According to Harvard’s website, the average annual tuition for an undergraduate student is $56,550. But with the addition of housing, food, health services and other student services, the annual cost of attending Harvard is $82,866, according to the university.
Harvard enrolls about about 24,600 undergraduate students a year. In 2024, the Cambridge, Massachusetts, school accepted 3.59% of the 54,000 applicants for the Class of 2028.
About 55% of Harvard undergraduates receive some type of financial aid, according to the university. In the 2023-2024 school year, families of students receiving financial aid paid an average of $15,700 toward education costs, school officials said.
“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 in a statement. “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.”
Under the previous financial aid plan, undergraduate students from families with incomes of $85,000 or less qualified for free tuition, housing, health services, and other student services, according to the university.
The annual income threshold to qualify for free schooling at Harvard has increased from $40,000 in 2004 to $60,000 in 2006, to $85,000 since 2023, according to the university.
Over the years, Harvard has worked to lower the annual cost of tuition for undergrad students. In 2007, the school eliminated loans and provided assistance in the form of grants. It also eliminated home equity in determining a family’s ability to pay for college.
Harvard has awarded more than $3.6 billion in undergraduate financial aid since launching the Harvard Financial Aid Initiative in 2004, according to the university.
“Our team works closely with each student to ensure full inclusion in the Harvard experience,” said Jake Kaufman, Harvard’s director of financial aid.
“The financial aid program is designed so that Harvard students can study, train, research, create, and fully engage in the Harvard experience with minimal constraints.”
Source: Linda Ikeji Blog