Harvard University announced a new initiative to offer students free education if their families make under $200,000 or less a year.

Harvard College will be free for students from families with annual incomes of $100,000 or less, and tuition-free for students from families with annual incomes of $200,000 or less.

The financial aid expansion will officially go into effect for the 2025 to 2026 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,” Alan M. Garber, Harvard University President, said in a statement Monday.

“By bringing people of outstanding promise together to learn with and from one another, we truly realize the tremendous potential of the University,” he continued.

Harvard College — the undergraduate school within the university — will be free for students with families with an annual income of $100,000 or less.

“This covers all billed expenses including tuition, food, housing, health insurance, and travel costs,” the announcement explained.

Each eligible student will also receive a $2,000 start-up grant for the first year and a $2,000 launch grant during their third year “to help support the transition beyond Harvard.”

Students whose families earn annual incomes of $200,000 or less will receive aid for “billed expenses” on top of free tuition according to need.

“We know the most talented students come from different socioeconomic backgrounds and experiences, from every state and around the globe,” William R. Fitzsimmons, the dean of admissions and financial aid for Harvard College, told the Gazette.

“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,” he continued.

Harvard lists its annual estimated undergraduate tuition as $82,866 on its website, which includes additional expenses such as food, health and student services, and housing. Tuition alone is $56,550.

According to U.S. World News & Report, Harvard University’s average acceptance rate for new students is 3 percent. The undergraduate school had 7,110 students in the fall of 2023.

The 388-year-old academic institution — based in Cambridge, Massachusetts — is the latest school to implement a financial expansion of this magnitude.

Princeton University, the Massachusetts Institute of Technology, New York University, and University of Pennsylvania are among the other schools offering similar financial aid expansions for their students with families earning les than $200,000 to $100,000 or less yearly.