Harvard University announced on Monday that tuition will be free for students from families who make $200,000 or less a year, and food, housing, health insurance, and travel costs will be free for those enrolled who come from families with annual incomes of $100,000 or less.

The financial aid expansion will start in the 2025-26 academic year, according to the university.

“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,” Harvard University President Alan M. Garber said in a statement on Monday. “By bringing people of outstanding promise together to learn with and from one another, we truly realize the tremendous potential of the University.”

This expansion will allow about 86% of American families to qualify for the university's financial aid.

Each of the students who receive this aid will also get $2,000 start-up grant in their first year and a $2,000 launch grant during their junior year to help support the transition beyond the university.