These days, there's a phrase I hear a lot: "Isn't it true that if you earn under $200,000, Ivy League schools are free?"

It's half true and half false. I think there will definitely be people who get excited after just reading the headline and are shocked when they see the bill later, so today, I'll clarify the facts.

First, let's start with the most recent news. At the end of January this year, Yale announced that it would not charge tuition for families earning under $200,000.

The policy applies to new undergraduate students entering Yale College in the 2026-27 academic year. So, this includes freshmen who are just starting their first semester.

If a family's income is under $100,000, the offer is even more generous. They will cover not only tuition but also room and board, travel expenses, and health insurance, plus a $2,000 startup grant.

According to Yale, over 80 percent of American households fall within the range that qualifies for at least a tuition waiver. Honestly, I was a bit surprised by that number.

So, how much is Yale's tuition that this is newsworthy? For the 2026-27 academic year, the undergraduate tuition alone is $72,500, and the total cost including room and board is $94,100.

That's nearly $100,000 a year, which is about the down payment for a house over four years. Looking at my salary statement next to that made me sigh.

Other schools are following a similar trend. Harvard will waive tuition for families earning under $200,000 starting in the 2025-26 academic year.

Harvard also covers all costs for families earning under $100,000, including housing, food, health insurance, and travel expenses. The structure is almost identical to Yale's.

MIT also offers full tuition coverage for families earning under $200,000, and for those under $100,000, there is no parental contribution at all. If you're aiming for engineering, be sure to check this out.

The University of Pennsylvania, or UPenn, provides tuition support for families earning under $200,000 through its Quaker Commitment. However, the threshold for covering all billed costs is lower, at $75,000.

Princeton has gone a step further. They announced that most families earning up to $250,000 will not have to pay tuition, and those earning under $150,000 will have all costs covered.

At this point, it sounds like everything is free, right? Now, let's address some aspects that aren't mentioned in the headlines.

First, having $0 tuition and $0 total costs are completely different things. For families earning between $100,000 and $200,000, there may still be costs for room and board.

For Yale, the cost of room and board alone, excluding tuition, is $21,600. That's not a small amount either.

Second, almost all schools attach the condition of having "typical assets," meaning that even if income is low, having significant investments or real estate can change the outcome.

Yale's official announcement does not specify a concrete asset limit. So, it's risky to assume, "Our family qualifies" without further verification.

Third, there is a separate expectation for the student. Yale expects all students to contribute $3,700 through part-time work during the semester or summer.

Fourth, this is not a coupon given automatically based on income; it is need-based financial aid. You must submit the FAFSA and CSS Profile and have the school calculate your eligibility.

So, my recommended order is simple. Start by using the official Net Price Calculator for each school you're interested in.

Don't just input rough numbers; have last year's tax return handy and enter accurate figures. If you input rough estimates, you'll get rough results, just like with coding.

Then, compile the results from each school into a spreadsheet to compare tuition, room and board, and student contributions separately. When you see it all at once, it's much easier to make a decision.

Especially if your parents are self-employed or have real estate in Korea, the calculations can get more complicated. In such cases, it's best to contact the school's financial aid office directly for the quickest answers.

One more thing, these policies can change every year. It's important to make a habit of checking the school's financial aid office page again at the time of application.

Personally, I find this trend encouraging. If the perception that elite colleges are only for wealthy kids can be broken even a little, it certainly has significance in terms of equal opportunity.

Of course, there is criticism. Some say that these schools, with their enormous endowments, are only now doing what they could have done all along. I somewhat agree with that perspective.

Still, it's true that middle-class families now have more options. I hope that the days of not even applying because it's too expensive are over.

The conclusion is this: Don't just believe the phrase, "If you earn under $200,000, it's free"; start calculating and confidently submit your applications.