Wow! This is great news for Texas residents: Yesterday, the University of Texas at Austin announced that the school would cover tuition and fees for in-state students whose families earn $65,000 a year or less.
The money comes from the state’s Permanent University Fund. UT’s Board of Regents voted to create a $160 million endowment to finance the program. According to a press release from the University, the money will be available to undergraduate Longhorns as soon as fall 2020.
Families who make up to $125,000 a year are also eligible for financial help. The new endowment promises “assured tuition support” for these students.
“Thanks to … the board’s action, this new endowment will go a long way toward making our university affordable for talented Texas students from every background and region,” said UT Austin president Gregory L. Fenves in the release.
In-state, undergrad tuition at Texas runs about $11,000 per year , depending on the courses studied.
UT Austin isn’t the only Texas university with generous financial offers. Last year, Rice University, which is private, announced a similar program .
The Rice Investment program created full tuition scholarships to undergrads from families making $65,000 to $130,000. If a family’s income is lower than $65,000, students are eligible to have their tuition, fees, and room and board covered.
Texas A&M has its own program as well. “Aggie Assurance” gives a free ride to in-state undergrads from families with an adjusted gross income of $60,000 or less.
Room, board, books and fees aren’t included in Aggie Assurance, though. Students have to maintain a GPA of 2.5 (about a B average) to stay in the program, too. Still, that’s a huge financial weight off the shoulders if you can swing it.
Now all you have to do is get admitted to one of these fine institutions. UT Austin’s in-state admittance rate in 2018 was 48.5 percent; A&M’s overall admittance rate lies at about 67 percent . Rice accepted only 8.7 percent of applicants in 2019.
Since many parents start saving for college when their kids are born , it’s worth a shot for free (or greatly reduced) tuition!
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