Harvard to Offer Free Tuition for Families Earning $200K or Less
Harvard University has announced a major expansion of its financial aid program, making undergraduate tuition-free for students from families earning $200,000 or less starting next fall. For those from families making $100,000 or less, the university will go even further, covering not only tuition but also housing, health insurance, and travel expenses.
This initiative builds on the Harvard Financial Aid Initiative, launched in 2004, which has gradually raised income thresholds over the years to make the university more accessible. Previously, families earning under $85,000 qualified for free tuition. With this new expansion, Harvard aims to support middle-income families who may have struggled to afford an Ivy League education despite earning above the traditional financial aid cutoff.
Harvard’s announcement follows similar moves by other prestigious institutions. In November, MIT and the University of Pennsylvania both pledged to cover tuition for students from families earning up to $200,000. The University of Texas system also committed to providing free tuition for students from families making under $100,000.
Currently, more than half of Harvard undergraduates receive financial aid, with the average family contribution standing at $15,700 for the 2023-2024 academic year. The university, which has a staggering $53.2 billion endowment, did not specify how the additional aid would be funded but noted that financial assistance comes from a mix of sources, including endowment funds, alumni gifts, and government grants.
The rising cost of higher education remains a significant challenge. Between 1980 and 2020, tuition, fees, and room and board for an undergraduate degree increased by 169%, according to a report from the Georgetown University Center on Education and the Workforce. Today, the average tuition and fees at private colleges in the U.S. hover around $43,000 per year.
