Harvard University has expanded its financial aid program to make attendance entirely free for students whose families earn less than $100,00 and to waive the cost of tuition for those below the $200,000 threshold.
Under this initiative, eligible students will receive full coverage for tuition, housing, meals, and other expenses. Additionally, they will be granted a $2,000 start-up fund along with financial assistance for winter clothing and travel costs.
This move aligns Harvard with other prestigious universities like MIT and the University of Pennsylvania, which have expanded financial aid programs to address rising concerns over college affordability.
The decision comes amid growing scrutiny of elite institutions regarding accessibility and diversity. Recent data indicates a decline in Black student admissions after the Supreme Court’s ruling against affirmative action. Harvard hopes that easing financial barriers will help attract a more diverse student population.
With a substantial $53 billion endowment, the university has allocated $275 million to financial aid this year alone. Harvard President Alan M. Garber highlighted that strong financial support is essential for fostering an inclusive academic environment.