The class of 2024 at the University of Texas at Austin just received some outstanding news.
Starting with the fall 2020 semester, UT Austin is set to pay all tuition and fees for in-state undergraduate students from families that earn up to $65,000 a year who have financial need.
The UT Board of Regents released a statement on Tuesday confirming the historic decision.
“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 Kevin Eltife said after the vote. “This will benefit students of our great state for years to come.”
The move was announced after the Board of Regents unanimously agreed to establish a $160 million endowment from distribution of the state of Texas’ Permanent University Fund. The fund is also set to provide support to some students from families with incomes of up to $125,000 that also qualify for financial assistance. The endowment will be in effect for qualifying transfer student, according to the statement.
The endowment will allow UT Austin to provide assistance for more than 14,000 new students.
The median household income in Texas was $59,206 in 2017 according to the U.S. Census Bureau. The current average cost of undergraduate in-state tuition and fees is $10,314, according to UT’s statement.
“I am grateful to the UT System Board of Regents and Chairman Kevin Eltife for prioritizing students and investing in the future of our great state,” UT Austin President Gregory L. Fenves said.