Harvard is offering free tuition to students whose families earn less than $200K

Harvard University announces new financial aid expansion for students with families with annual incomes of $200,000 or less - (Getty Images)

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.