Harvard University, renowned for its academic excellence and historic legacy, has announced a significant expansion of its financial aid program. Starting in the 2025-26 school year, Harvard College will offer free tuition to students from families earning $200,000 or less annually. This initiative builds upon Harvard's commitment to making education accessible to students across a diverse range of economic backgrounds, supported by one of the largest academic endowments in the world, valued at over $53 billion as of 2024.
Currently, Harvard's student body primarily consists of individuals from affluent households, with nearly 40% of students coming from the top 5% of U.S. earners. In contrast, only around 5% hail from the bottom 20% of household incomes. The university has been working to increase accessibility through its student aid initiatives, which are bolstered by its substantial endowment. Harvard's financial aid efforts have included the elimination of loans in 2007, replacing them with grants that do not require repayment. Since 2004, Harvard has offered free tuition to families below a specified income threshold, which was raised to $85,000 in 2023.
In addition to free tuition, students from families earning $100,000 annually or less can benefit from a $2,000 start-up grant in their first year, followed by another grant of the same amount during their junior year. This financial support aims to alleviate the burden on families and ensure that the most talented students can access Harvard's prestigious education regardless of their financial circumstances.
"Harvard has long sought to open our doors to the most talented students, no matter their financial circumstances," said Hopi Hoekstra, Harvard's dean of the faculty of arts and sciences.
The university's undergraduate school has produced numerous notable alumni and former students, including former U.S. presidents like John F. Kennedy and Franklin Delano Roosevelt. Business leaders such as YouTube's former CEO Susan Wojcicki and Microsoft's Bill Gates are also among Harvard's distinguished alumni.
With tuition costs set at $56,550 for the 2024-25 school year, the announcement of free tuition for eligible families earning up to $200,000 annually is likely to be a significant relief for many prospective students and their families. Harvard remains committed to fostering an inclusive academic environment that reflects the diverse socioeconomic fabric of society.