Harvard University announced it will now offer free tuition to students whose families make $200,000 or less per 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,” Harvard 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.”

The Ivy League university added that students of families making $100,000 or less per year would qualify for free housing, food, and health services in addition to tuition being covered by the school.

Harvard said 86% of Americans would qualify for free tuition. (Maddie Meyer/Getty Images)

Additionally, students from families with incomes of more than $200,000 per year will also qualify for financial aid.

The average annual tuition for a Harvard student is $56,550, but with room, board and health services it comes out to about $83,000.

“We know the most talented students come from different socioeconomic backgrounds and experiences, from every state and around the globe,” said William R. Fitzsimmons, Harvard College’s Dean of Admissions and Financial Aid. “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.”

Harvard added that it has awarded more than $3.6 billion in undergraduate financial aid since launching the Harvard Financial Aid Initiative in 2004. 

Stepheny Price is a writer for Fox News Digital and Fox Business. She covers topics including missing persons, homicides, national crime cases, illegal immigration, and more. Story tips and ideas can be sent to stepheny.price@fox.com