Harvard announces it will go tuition-free for students from families making $200,000 or less

Harvard undergraduate tuition will be provided at no cost to students from families with annual incomes of $200,000 or less, beginning fall of next year. The university declared on Monday in its newest effort to provide an Ivy League education to individuals who might potentially be priced out.

Attending Harvard will be totally free for students from families making $100,000 or less, with the university promising to cover housing, health insurance and travel costs across campus and home. This year’s Undergraduate tuition at Harvard College was more than $56,000, while total cost of attendance was close to $83,000, as per the institution’s financial aid website.

The official declaration enhance Harvard Financial Assistance initiative, which was unveiled in 2004 to make college affordable for people of all financial background. Throughout its existence, the initiative has generated its income threshold several times and presently, students from families with incomes below $85,000 attend Harvard for free. Harvard is among several higher education institutions extending their financial aid offerings to support families with limited financial resources.

In November, MIT revealed that undergraduates from families earning below $200,000 would attend without tuition fees starting next semester, while those with incomes below $100,000 will receive full coverage. In the same way, the University of Pennsylvania stated  in November that it will cover tuition costs for students from families earning up to $200,000 yearly. The University of Texas system promised undergraduates from families with incomes under $100,000 will pursue higher education at no cost , starting next fall.

Harvard University expressed that on Monday it will  specifically attract middle-class families. As it did not show the source of funds to cover the tuition, the university has a whopping $53.2 billion endowment for fiscal year 2024. The University President Alan M. Garber declared that “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.”

As of now, 55% of undergraduates receive financial assistance, with the average family giving level at $15,700 in 2023-2024, as the statement emphasized. The financial assistance website says scholarship funds is derived from “a variety of sources, including Harvard endowment funds, gifts from alumni, general tuition revenues, and federal and state grants.”