Harvard University announced on Monday that tuition will be free for students from families earning less than $200,000 annually, starting in the 2025-26 academic year.

Specifically, for students from families with an annual income below $100,000, the university will cover not only tuition but also housing, meals, healthcare services, and other student-related expenses.

According to ABC, this decision means that approximately 86% of U.S. families will qualify for some form of financial aid from Harvard.

Harvard’s president, Alan Garber, stated that “making Harvard more financially accessible to more people broadens the range of experiences that all our students encounter.”

Currently, the average annual tuition for an undergraduate student stands at $56,550. However, when housing, meals, and other student services are included, the total annual cost reaches $82,866.

Harvard enrolls approximately 24,600 undergraduate students per year. Around 55% of undergraduate students receive some form of financial aid, according to the university. During the 2023-2024 academic year, families of students receiving financial aid paid an average of $15,700 towards educational expenses.

The income threshold for free tuition at Harvard has steadily increased over the years, rising from $40,000 in 2004 to $60,000 in 2006 and to $85,000 in 2023.