Harvard University has announced a significant expansion of its financial aid program, set to take effect in the 2025-26 academic year. Under the new policy, students from families earning $100,000 or less annually will have all major expenses covered, including tuition, housing, meals, health insurance, and travel. Additionally, these students will receive a $2,000 grant in their first year to assist with transition costs and another $2,000 in their junior year to support post-graduation planning. Families earning between $100,000 and $200,000 will also benefit from free tuition and may qualify for additional aid based on specific financial needs. This expansion marks a major step in making Harvard more accessible to middle-income families and is expected to benefit approximately 86% of U.S. households.

The announcement comes amid rising educational costs and follows Harvard’s long-standing commitment to affordability. Over the years, the university has steadily increased income thresholds for financial aid eligibility. In 2004, families earning less than $40,000 qualified for full coverage of costs; this threshold rose to $85,000 by 2023. The latest increase to $100,000 aims to further reduce financial barriers for talented students from diverse socioeconomic backgrounds. Harvard President Alan M. Garber emphasized that the initiative would foster intellectual growth by bringing together students from varied experiences and perspectives. The program also reflects Harvard’s broader mission of ensuring that financial constraints do not hinder access to its world-class education.

This financial aid expansion follows a Supreme Court ruling that barred race-based considerations in college admissions. Harvard leaders have positioned this policy as part of their response to ensure diversity through economic inclusivity rather than race-based measures. The university’s financial aid program is entirely need-based and does not require loans, allowing students to graduate debt-free. Harvard’s Admissions and Financial Aid Office works closely with families to tailor support packages based on individual needs, ensuring affordability for all admitted students. The program's funding sources include endowment funds, alumni gifts, and federal grants.

The initiative builds on Harvard’s existing efforts under the Harvard Financial Aid Initiative (HFAI), which has consistently aimed to make education affordable for low- and middle-income families. Over half of Harvard students currently receive need-based scholarships, with nearly one in four paying nothing at all for their education. By covering all demonstrated financial needs and eliminating student loan requirements, Harvard continues to set a benchmark for accessibility among elite institutions. This latest expansion underscores the university’s commitment to removing economic barriers while maintaining its rigorous academic standards and fostering a diverse student body.