Harvard University has announced a significant expansion of its financial aid program, aiming to make education more accessible to middle-income families. Starting in the 2025-2026 academic year, undergraduate students from families earning $200,000 or less annually will be eligible for free tuition. Additionally, those from families earning $100,000 or less will have all expenses covered, including tuition, housing, food, health insurance, and travel costs.
Harvard Expanding Access to Middle-Income Families
This initiative is expected to benefit approximately 86% of U.S. families, aligning with Harvard’s commitment to diversity and inclusion. Alan M. Garber, President of Harvard University, emphasized the importance of this move, stating, “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.”
The decision to broaden financial aid comes amid rising concerns about the affordability of higher education. The total cost for tuition, housing, and food for the 2024-2025 academic year exceeded $82,000. By alleviating these financial burdens, Harvard aims to attract talented students regardless of their economic backgrounds.
Enhancing Diversity and Inclusion
This policy change also seeks to enhance racial and socioeconomic diversity on campus. Following the Supreme Court’s 2023 rejection of affirmative action, universities have been exploring alternative methods to promote inclusivity. By extending financial aid to a broader income range, Harvard hopes to create a more diverse student body.
Hopi Hoekstra, the Edgerley Family Dean of the Faculty of Arts and Sciences, highlighted the significance of this investment, saying, “This investment in financial aid aims to make a Harvard College education possible for every admitted student, so they can pursue their academic passions and positively impact our future.”
Harvard’s endowment, the largest globally at over $50 billion, enables such financial support. Currently, 55% of students receive financial aid, predominantly from affluent families. The new policy will extend aid eligibility to 86% of American families.
William R. Fitzsimmons, Harvard College’s Dean of Admissions and Financial Aid, noted, “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.”
This move by Harvard reflects a broader trend among elite institutions to make higher education more affordable. In recent years, universities like the Massachusetts Institute of Technology and the University of Pennsylvania have implemented similar financial aid expansions.
By reducing financial barriers, Harvard aims to attract a diverse array of students, enriching the educational experience for all. This initiative underscores the university’s dedication to fostering an inclusive environment where students from various backgrounds can thrive.