Massachusetts-based Harvard University says its latest financial aid expansion will enable roughly 86% of American students from a middle-income background to qualify for financial aid.

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 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.