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.

Harvard University is making tuition free for families who earn less than $200,000 (£154,000) a year, the school announced. For families earning less than $100,000, Harvard will also cover expenses like housing and health insurance.

Harvard announced on Monday that undergraduate tuition will be free for students of families who make annual incomes of $200,000 or less in a move to make the prestigious institution "affordable to more students than ever.