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University of Texas at Austin is offering free tuition to students from families that make less than $65K

Posted: 7:50 AM, Jul 11, 2019
Updated: 2019-07-12 13:42:54-04
University of Texas at Austin is offering free tuition to students from families that make less than $65K

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.

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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.

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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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