Harvard University, a private university founded in 1636, announced Monday that tuition, room and board 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.

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 is the latest elite school to announce that families with incomes of $200,000 and under will not pay tuition, as a way to bolster diversity.