Harvard University has announced its new financial aid plan to cover tuition for students from families making less than $200K a year.
The school revealed the news to its Harvard Gazette newspaper on Mar. 17. They hope the new initiative will make Ivy League education more affordable for those of less affluent backgrounds.
Harvard’s president, Alan M. Garber, shared a statement about how the financial aid expansion will bring out the “tremendous potential” of the school.
“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,” 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.”For those making even less, Harvard plans to cover all tuition and fees related to one’s attendance. Undergraduate students from families making less than $100K annually will gain free tuition and housing. The school will also cover additional costs surrounding food, health insurance, and travel to its campus.
This student will also receive two grants during their matriculation, amounting to $2K for their first year and $2.5K for their junior year, to help with their post-grad transition. Moreover, the effort aims to keep Harvard’s academic diversity, and shape its student body with those across the socioeconomic spectrum.
“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. “Our financial aid is critical to ensuring that these students know Harvard College is a place where they can be part of a vibrant learning community strengthened by their presence and participation.”The expansion is part of Harvard’s Financial Aid Initiative to eliminate the financial roadblocks for admitted students to attend and graduate from the university. Launched in 2004, the initiative has granted $3.6 billion in undergraduate financial aid.
The Gazette also reported that 55% of students at Harvard receive some form of financial assistance. With its newest provisions, 86% of U.S. families qualify under the aid requirements.
Harvard intends for the financial aid expansion to begin in the 2025-2026 academic year.
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