"Harvard to expand financial aid starting with Class of ’26"

Colleges and Universities A-Z Harvard University
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From the Gazette:

“Reinforcing its commitment to opportunity for all talented students regardless of their economic resources, the University is also announcing a significant expansion of the Harvard Financial Aid Initiative (HFAI) for low- and middle-income families. Beginning with the class admitted this week, the cost to attend Harvard College, which includes tuition, room, board, and all fees, will be free for families with annual incomes below $75,000. This is an increase from the $65,000 annual income threshold in previous years. Nearly a quarter of Harvard College students come from families with incomes under $75,000.”

So, current economic family demographics are approximately:

  • 25% of students are funded completely as full rides+ by the HFAI because annual family income is $75k or less

  • 45% of students require no aid

  • 30% of students are from families with incomes greater than $75k but who receive non-merit assistance averaging $12.7k each yer per student

Full article:

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Net Price Calculator | Harvard shows a net price of $3,500 (student work expectation) for parent income of $75,000 and no parent or student assets for a US domestic student in a household of 3 with 1 in college.

At $76,000 for the same other parameters, it goes to $5,000, including a $1,500 parent contribution.

I.e. it looks like the net price calculator is updated in line with the announcement, and you can try example scenarios with it for the newly announced financial aid.

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did anyone know how to define parent income? from the adjusted gross income from tax form? or it is gross income from W2? etc

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On the net price calculator, you can press the ? next to each category of income for an explanation of what they want.

Note that if your parents are divorced, Harvard wants to know both of their incomes and assets.