OAN Staff James Meyers
12:10 PM – Thursday, November 21, 2024
Beginning next fall semester, students accepted into any of the nine institutions for an undergrad program within the University of Texas (UT) system will receive free tuition and have all fees waived, the board of regents announced on Wednesday.
However, in order to qualify for the assistance, families of undergraduates must make less than $100,000 a year.
The Board of Regents’ plan includes an immediate infusion of $35 million directly to campuses from endowments and would direct more investments to support financial aid.
According to the UT System, 56% of all UT students receive some form of financial aid.
“The Regents are not only addressing immediate needs of our current students, but they are taking the long view, ensuring that future generations will continue to benefit from this remarkable program,” UT System Chancellor James B. Milliken said. “Across UT institutions, enrollment is growing, and student debt is declining, indicating success in both access and affordability. That’s a rare trend in American higher education, and I’m proud the UT System is in a position to be a leader.”
According to the UT system, the average UT “student debt has steadily declined over the past five years” and is, on average, 10% lower than other public 4-year institutions in the state.
In 2019, the regents established a $167 million endowment at UT Austin to completely cover tuition and mandatory fees for in-state undergraduate students from families with an income of up to $65,000, and cover the majority of tuition fees for families earning up to $125,000.
In 2022, the Regents extended the program to all UT academic institutions with a second endowment of nearly $300 million, known as “Promise Plus.”
Meanwhile, the Board of Regents will vote on the tuition plan on Thursday.
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