A free ride for Harvard College including housing will now be available for students from families with annual incomes of $100,000 or less—and tuition-free for undergrad students from families with annual incomes of $200,000 or less, beginning in the Fall of 2025.
The significant expansion of financial aid announced this week will finally make Harvard affordable for low-and middle-income families.
The expansion will enable approximately 86% of U.S. families to qualify for Harvard College’s financial aid, extending the nearly 400-year-old University’s commitment to providing all undergraduates the resources they need to enroll and graduate.
“Harvard has long sought to open our doors to the most talented students, no matter their financial circumstances,” said Dean Hopi Hoekstra.
Starting in the 2025-26 academic year, Harvard College will be free for students whose family income is $100,000 and below. This covers all billed expenses including tuition, food, housing, health insurance, and travel costs.
Additionally, each of these students will receive a $2,000 start-up grant in their first year and a $2,000 launch grant during their junior year to help support the transition beyond Harvard.
“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,” said University President Alan M. Garber.
Students with family incomes of $200,000 or less will receive free tuition and additional financial aid to cover billed expenses, depending on their financial circumstances. And many students with family incomes above $200,000 will also receive aid, depending on their circumstances.
“We know the most talented students come from different socioeconomic backgrounds and experiences, from every state and around the globe,” said William R. Fitzsimmons, Harvard College’s dean of admissions and financial aid.
The expansion builds on more than two decades of investment in undergraduate financial aid at Harvard, beginning in 2004 with the launch of the Harvard Financial Aid Initiative, which completely covered tuition, food, and housing costs for students from families with annual incomes of $40,000 or less. This threshold has increased four times since then — from $60,000 in 2006 to $85,000 in 2023.
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In 2007, according to their website, Harvard eliminated loans—and instead provided all assistance in the form of grants. It also eliminated home equity in determining a family’s ability to pay for College.
Harvard has awarded more than $3.6 billion in undergraduate financial aid since launching the Harvard Financial Aid Initiative—and currently has an annual budget of $275 million for the academic year.
55% of undergraduates currently receive financial aid. Their families paid an average of $15,700 for the 2023-24 year—and the school’s financial aid staff works personally with each family to match their specific situation.
“By bringing people of outstanding promise together to learn with and from one another, we truly realize the tremendous potential of the University,” said Garber.
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