In a landmark announcement on Monday, Harvard University President Alan M. Garber and Edgerley Family Dean of the Faculty of Arts and Sciences Hopi Hoekstra revealed an ambitious expansion of Harvard’s financial aid program, set to take effect in the 2025-26 academic year. The new initiative will make Harvard College free for students from families with annual incomes of $100,000 or less, covering all billed expenses including tuition, food, housing, health insurance, and travel costs. In addition, students in this income bracket will receive a $2,000 start-up grant in their first year and a $2,000 launch grant during their junior year to support their transition beyond Harvard.
For families with annual incomes of $200,000 or less, tuition will be free, with additional financial aid provided to cover other billed expenses based on individual circumstances. Importantly, many students from families with incomes above $200,000 will also receive aid, as Harvard’s financial aid staff work closely with each family to tailor assistance to their specific needs.
“This expansion is about putting Harvard within financial reach for more individuals,” President Garber said. “By bringing people of outstanding promise together to learn with and from one another, we truly realize the tremendous potential of the University.” Hoekstra echoed this sentiment, adding, “Harvard has long sought to open our doors to the most talented students, no matter their financial circumstances. This investment in financial aid aims to make a Harvard College education possible for every admitted student.”
The new financial aid policy builds on over two decades of commitment to making Harvard accessible. The initiative began in 2004 with the Harvard Financial Aid Initiative, which originally covered tuition, food, and housing for families earning $40,000 or less—a threshold that has increased over the years. In 2007, Harvard eliminated loans, providing all assistance in the form of grants and further ensuring that financial constraints do not limit a student’s opportunity to fully engage in the Harvard experience.
According to William R. Fitzsimmons, Harvard College’s Dean of Admissions and Financial Aid, the expanded aid program is critical for maintaining a vibrant, diverse campus community. “We know the most talented students come from different socioeconomic backgrounds and experiences. Our financial aid is designed to ensure that every student can be a part of the Harvard community,” he said.
With an annual financial aid award budget of $275 million for the 2025-26 academic year and more than 55% of undergraduates currently receiving aid, Harvard’s enhanced program is set to benefit approximately 86% of U.S. families, according to recent estimates. This significant step underscores Harvard’s ongoing commitment to diversity, inclusion, and academic excellence by ensuring that financial barriers do not hinder access to one of the world’s most prestigious institutions.
As Harvard prepares to implement these changes, the expanded financial aid program is expected to transform the educational landscape, enabling a broader range of students to pursue their academic passions and contribute positively to society.