Harvard University has unveiled a new financial aid initiative that will make tuition free for students from families earning up to $200,000 annually, starting with the 2025?26 academic year.

?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.?

According to the university, the new policy will allow about 86% of U.S. families to qualify for financial aid, reflecting Harvard?s continued efforts to ensure broader access to higher education.

The expanded aid will also cover housing, food, health services, and other student services for undergraduates from families with annual incomes of $100,000 or less.

Students from families earning $200,000 or below will benefit from tuition-free education under the new plan.

Related NewsHarvard?s website currently lists undergraduate tuition at $56,550 per year. Including additional expenses such as housing, food, and health services, the total annual cost of attendance rises to $82,866.

The university, which enrolls approximately 24,600 undergraduate students annually, accepted just 3.59% of the 54,000 applicants for the Class of 2028. About 55% of Harvard undergraduates receive some form of financial aid. In the 2023?2024 academic year, families of aid recipients paid an average of $15,700 toward their education.

?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.?

Previously, students from families earning $85,000 or less qualified for free tuition, housing, and other services. That threshold had gradually risen over the years, increasing from $40,000 in 2004 to $60,000 in 2006, and later to $85,000 by 2023.

According to ABC News, since 2004, Harvard has distributed more than $3.6 billion in undergraduate financial aid under the Harvard Financial Aid Initiative. The university also eliminated loans in 2007, replacing them with grant-based aid and removing home equity considerations in its financial assessments.

?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.?