Harvard University on Monday announced that tuition will be free for students from families with annual incomes of $200,000 or less starting in the 2025-26 academic year.

“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,” Harvard University President Alan M. Garber said in a statement. “By bringing people of outstanding promise together to learn with and from one another, we truly realize the tremendous potential of the University.”

The new plan will enable about 86% of U.S. families to qualify for Harvard financial aid and expand the Ivy League college’s commitment to providing all undergrads the resources they need to enroll and graduate, according to Garber.

PHOTO: Gated entrance on the campus of Harvard University. (Suzanne Kreiter/The Boston Globe via Getty Images)
Undergraduate students from families with annual incomes of $100,000 or less will not only have tuition covered but also housing, food, health services and other student services, the university said.

Students from a family making an annual income of $200,000 or less will be able to attend Harvard tuition-free, according to the school.

According to Harvard’s website, the average annual tuition for an undergraduate student is $56,550. But with the addition of housing, food, health services and other student services, the annual cost of attending Harvard is $82,866, according to the university.

Harvard enrolls about about 24,600 undergraduate students a year. In 2024, the Cambridge, Massachusetts, school accepted 3.59% of the 54,000 applicants for the Class of 2028.

About 55% of Harvard undergraduates receive some type of financial aid, according to the university. In the 2023-2024 school year, families of students receiving financial aid paid an average of $15,700 toward education costs, school officials said.

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“We know the most talented students come from different socioeconomic backgrounds and experiences, from every state and around the globe,” William R. Fitzsimmons, Harvard College’s dean of admissions and financial aid, said in a statement. “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.”