AUSTIN — The University of Texas System has a plan to provide tuition-free education at all nine institutions for undergraduate students from families earning $100,000 or less a year, beginning Fall 2024.
Announced Wednesday, the Board of Regents’ plan includes an immediate infusion of $35 million directly to campuses from endowments and would direct more investments to support financial aid.
According to the UT System, 56% of all UT students receive some form of financial aid.
“The Regents are not only addressing immediate needs of our current students, but they are taking the long view, ensuring that future generations will continue to benefit from this remarkable program,” UT System Chancellor James B. Milliken said. “Across UT institutions, enrollment is growing, and student debt is declining, indicating success in both access and affordability. That’s a rare trend in American higher education, and I’m proud the UT System is in a position to be a leader.”
According to the UT System, the average UT “student debt has steadily declined over the past five years” and is, on average, 10% lower than other public 4-year institutions in the state.
In 2019, the Regents established a $167 million endowment at UT Austin to fully cover tuition and mandatory fees for in-state undergraduate students from families earning less than $65,000and cover the majority of tuition fees for families earning up to $125,000.
In 2022, the Regents extended the program to all UT academic institutions with a second endowment of nearly $300 million, known as “Promise Plus.”
The Board of Regents will vote on the tuition plan on Thursday.
S.E. Jenkins
S.E. Jenkins is a digital content producer for CBS Texas. She has also been a Digital Content Producer in Tallahassee and Myrtle Beach. S.E. graduated with journalism degrees from Texas State University, Aarhus Universitet and City, University of London.
