Harvard University is making a groundbreaking move to expand its financial aid program, offering free tuition to students from families earning up to $200,000 per year. This transformative initiative, set to take effect in the fall of 2025, significantly raises the previous income threshold of $85,000, making higher education more accessible to middle-class families.
Under the newly announced policy, students from households earning less than $100,000 will receive full financial coverage, including tuition, housing, meals, and other essential expenses. Additionally, these students will benefit from a $2,000 start-up fund, as well as financial support for winter clothing and travel expenses. This expansion aligns Harvard with other prestigious institutions, such as MIT and the University of Pennsylvania, which have taken similar steps to address the rising concerns about college affordability.
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Harvard’s decision comes at a time when elite universities are under growing scrutiny regarding accessibility and diversity. Following the Supreme Court’s ban on affirmative action, recent data has shown a decline in Black student admissions. By removing financial barriers, Harvard aims to attract a more diverse and talented student body, ensuring that economic constraints do not hinder academic potential.
With a massive $53 billion endowment, Harvard has allocated $275 million toward financial aid this year alone. University President Alan M. Garber emphasized that financial accessibility is crucial for fostering an inclusive and equitable academic environment. By significantly expanding its financial aid program, Harvard is reinforcing its commitment to ensuring that students from all economic backgrounds have the opportunity to excel at one of the world’s most prestigious institutions.
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