Harvard College to expand financial aid for low- and middle-income families, starting with class of 2026

Harvard College will expand its Financial Aid Initiative (HFAI) to low- and middle-income families, beginning with the Class of 2026.

The college has offered admission to a total of 1,214 applicants for the Class of 2026, with 1,954 already admitted, including applicants who were selected through the early action process, Erudera.com reports.

According to the Harvard Gazette, students in the class of 2026 whose families receive less than $75,000 a year will pay nothing to study at Harvard, which is an increase from the annual income threshold of $65,000. These students will be exempt from tuition, room, board and all fees.

“We know that financial assistance makes the most fundamental difference for applicants and their families. By increasing the level of non-contribution, Harvard continues its efforts to open doors to excellent students from around the world,” Griffin’s director of financial aid, Jake Kaufmann, said.

Nearly one in four Harvard undergraduates come from families with incomes of $75,000 or less per year. The college offers a $2,000 “starter” scholarship to each of these students in their first year of study.

Other 2022 financial data released by Harvard reveals that the institution also provides assistance to low-income students to cover health insurance expenses, books, home travel expenses, winter coats, event fees and other activities to allow each student to be involved in the Harvard experience.

Through the Financial Aid Initiative, Harvard College has awarded approximately $2.9 billion in scholarships to its undergraduate students since 2005, when the initiative was launched. Between the years 2005 and 2022, the annual aid budget has increased by more than 190%, from $80 million in 2005 to $235 million this year.

“Starting in the 2022-23 academic year, all freshmen from families with incomes below $75,000 and with typical assets will also receive a $2,000 seed grant to help them cover moving costs and other expenses incurred during the transition to College,” college grades.

An estimated 55% of Harvard College students will receive scholarships and pay around $12,700 per year. At the same time, 25% of students are eligible for the HFAI.

Data indicates that more than 80% of the Class of 2021 have completed their studies debt-free.

Otherwise, the total cost of attendance (including tuition, room, board and fees) for students not receiving aid is expected to increase by 3% for the 2022/23 academic year, until at $76,763.

The total number of students applying for the Class of 2026 was 61,220, an increase of nearly 7% from last year, when the college received 57,435 applications.