UT-Austin Removes the Burden of Student Loans for Future Attendees
Under the burden of financial loans, UT-Austin attempts to provide relief for middle-class families. They join a host of other schools that offer reduced, or free tuition, to qualifying students. This bridges the gap between those that can’t afford tuition and universities with trouble recruiting low-income students.
The UT-Austin Way
Beginning in 2020, UT-Austin will cover full tuition for any student whose family income is $65,000 or less. UT-Austin officials estimate the new financial aid commitment will cover tuition and fees for an estimated 8,600 students. That represents 24 percent of the undergraduate student body. The new policy excludes graduate and out-of-state students.
“Recognizing both the need for improved access to higher education and the high value of a UT Austin degree, we are dedicating a distribution from the Permanent University Fund to establish an endowment that will directly benefit students and make their degrees more affordable,” Chairman of the Board of Regents Kevin Eltife said shortly after the vote.
The policy builds on UT-Austin’s Texas Advance Commitment program, which started in fall 2018. The plan covered full tuition and fees for students with families earning up to $30,000 per year.
“Chairman Eltife understands that college affordability is one of the most critical issues affecting all Texans,” said UT-Austin President Greg Fenves. “Thanks to his leadership and 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.”
The plan will also finance partial tuition support for students from families with incomes up to $125,000, based on a sliding scale.
With the new addition, UT-Austin will more than double the number of students with a free ride. The school adds its name to a growing list of colleges with similar aid to students.
Here are some of the top schools that offer tuition assistance:
- Texas A&M
- UNC-Chapel Hill
Families across the country can have increased confidence that universities are helping put students on equal educational footing, regardless of family income.