Harvard University has announced a major expansion of its financial aid program, advancing its commitment to making education accessible for middle-class families. Starting from the 2025-26 academic year, students whose families’ earnings fall between $200,00 or less annually will be eligible for free tuition. Moreover, those families earning $100,000 or less on an annual basis, all the bills including housing, food, health insurance, travel, and tuition will be covered, as per Harvard Gazette.
Harvard President Alan M Garber highlighted the importance of this initiative, stating, ‘’Putting Harvard within financial reach of more individuals will broaden the array of backgrounds, experiences, and perspectives that all our students encounter, promoting their intellectual and personal growth.’’
The expansion program is anticipated to benefit around 86% of US families, reinforcing Harvard’s commitment to ensuring financial hurdles do not restrict access to its world-class education.
Program announced for lower-income students
Harvard’s financial aid program will not just cover tuition fees but also provide additional financial support for assisting students from lower-income backgrounds to get a chance to engage in campus life. Every student from a family earning $100,000 or less will be granted a $2,000 start-up grant in the first year for college expenses. Moreover, during their junior year, they will be awarded a $2,000 launch fund for their transition into post-college courses.
Edgerley Family Dean of the Faculty of Arts and Sciences Hopi Hoekstra stated, ‘’Harvard has long sought to open doors to the most talented students, no matter their financial conditions.’’
These measures have been taken to ease financial burdens and will allow students to focus on academics, career preparation, and extracurriculars without stressing about the money.
Financial aid for Higher-income families
By considering the diverse financial backgrounds of the students, Harvard’s financial aid program will also be available for the family’s earnings of more than $2,00,000. Aid programs for these students will be based on individual financial conditions. For instance, major medical expenses or multiple children studying in college at the same time.
Harvard’s financial assistance program is need-based and the university will not be calculating home equity or retirement assets. This method will make sure that the fund is distributed in a fair manner and will focus on the family’s current financial condition.
