What worries many students is the university fees.
While students desire to study to make a better living, they often compromise on the quality of education due to high fees.
Many even have to work in order to support their fees while studying. Even if they study by taking a loan, the loan eats up much of their income in later life.
To relieve such students, the University of Texas at Austin announced on Tuesday that beginning with Fall 2020, it will be providing free tuition to students from families with less than $65,000 yearly income.
The University of Texas System Board of Regents unanimously voted for establishing $160 million endowment as the fund for the financial assistance.
This endowment will help not only the students with less than $65,000 family income but also students who come from families that make less than $125,000. While the previous will get free tuition and fees, the latter will be provided with some tuition support.
Board chairman, Kevin Eltife said that this step would benefit students for years. He added that this comes after the realization of both the need for improved access to higher education and the great value of the University’s degree.
The average household income in Texas is reported to be $59,206. This initiative is set to provide free education to more than 8,600 students every year and support to approximately 5,700 students.
The board was thanked by UT Austin President Gregory L. Fenves for making the education for university students from low- and middle-income families more accessible.
The new program is an addition to the university’s Texas Advance Commitment which provides free tuition to students coming from less than $30,000 yearly income starting from in 2018. That initiative benefitted about 4,000 students during 2018-19. This new initiative will now help more than double number of students.
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