Harvard has waived tuition fees for lower-earning families for over two decades. It's now expanding the offering to families earning $200,000 or less a year.

Harvard University announced a "significant expansion of financial aid" on Monday to make tuition free for more students, even as the Ivy League institution said recently it is facing revenue concerns under the Trump administration.

Harvard University announced Monday that it will no longer charge tuition to students from families that make less than $200,000 annually. The Ivy League university is the first among its peers to raise its maximum income to receive free tuition.