CAMBRIDGE, Mass. (AP) — Dreaming of going to Harvard University?
Well, the university has made things a little easier with an announcement Monday that students whose families make less than $200,000 won’t pay tuition. The university said the plan goes into effect for the 2025-2026 academic year and is aimed at making Harvard more affordable, especially for middle income students. Those students could also get additional financial aid to cover other expenses.
“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 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.”
Garber said the plan also means students whose families make less than $100,000 will pay nothing, meaning their tuition as well as other expenses like food and housing will be covered. As a result, the university estimates that going forward nearly 90% of families in the United States whose children are accepted will qualify for some form of financial aid.
“Harvard has long sought to open our doors to the most talented students, no matter their financial circumstances,” Hopi Hoekstra, the Edgerley Family Dean of the Faculty of Arts and Sciences, said. “This investment in financial aid aims to make a Harvard College education possible for every admitted student, so they can pursue their academic passions and positively impact our future.”
The announcement is the latest from an elite higher education institution offering tuition breaks and comes as the rising cost of higher education has some questioning whether college is worth the price.
Surveys find that Americans are increasingly skeptical about the value of a degree, and the percentage of high school graduates heading to college has fallen to levels not seen in decades, according to data from the U.S. Bureau of Labor Statistics.
Yet research still finds that, over time, a degree pays off. Americans with a bachelor’s degree earn a median of $2.8 million during their careers, 75% more than if they had only a high school diploma, according to research from Georgetown University’s Center on Education and the Workforce.
The rising tuition at private institutions — increasing 4% over the past decade — has led to several big name institutions offering similar deals to Harvard’s.
In November, MIT announced that students whose families make less than $200,000 will be able to attend tuition-free this fall. Similarly to Harvard, students whose families make less than $100,000 will pay nothing at all. Those income limits are from previous limits of $140,000 and $75,000 respectively.
“The cost of college is a real concern for families across the board,” MIT President Sally Kornbluth said. “We’re determined to make this transformative educational experience available to the most talented students, whatever their financial circumstances. So, to every student out there who dreams of coming to MIT: Don’t let concerns about cost stand in your way.”
UMass announced in October that Massachusetts students whose families make up to $75,000 will be able to attend all four undergraduate campuses tuition-free. The University of Michigan announced in December that in-state undergraduate students whose families have incomes and assets up to $125,000 will attend tuition free.