Recently, one of the most prestigious universities in the nation announced the expansion of financial aid! Harvard University President Alan M. Garber and Edgerly Family Dean of the Faculty of the Arts and Sciences Hopi Hoekstra announced in mid-March that Harvard College will be free for students from families earning below $100,000 annually, and tuition-free for students from families earning below $200,000 annually.

This change aims to make the university more inclusive, allowing students with different financial backgrounds to afford their education. The school believes that their students will now have not only different socioeconomic backgrounds, but also different experiences and perspectives, fostering their intellectual growth. The university can now accept the most talented students, no matter their economic status.

Harvard is not the only or the first university to change their financial aid to be free under a certain threshold. Other universities, including but not limited to Columbia University, Dartmouth University, Yale University, and New York University, have a specific threshold for how much a family must make to pay any tuition. This number is often between $75,000 and $200,000.

Student debt has become a crisis in the United States. According to the Princeton Review, student loan debt is the top worry of students going to college. While this new development will help fix many of the debt issues students face, it will not entirely solve them. Students will still have to pay for room and board, books, and other fees. That said, Harvard’s new announcement will transform the lives of countless students, taking a step forward into a future of free education.