New $160M endowment at UT Austin to aid middle-low income students
AUSTIN, Texas — The university of Texas system announced a new $160 million endowment that will provide additional tuition assistance for more than 14,000 UT Austin undergraduate students from middle, and low-income families starting in fall 2020.
The University of Texas System Board of Regents on Tuesday approved creating a $160 million endowment for the tuition plan. School officials say it would cover an estimated 21 percent of new and enrolled undergraduate students.
Under current enrollment, more than 8,500 students would qualify for free tuition.
The endowment will also provide tuition help for in-state students with family incomes of $125,000 or less.
The money comes of the university’s oil and gas rights royalties and will be used with federal and state tuition assistance programs already in place.
The tuition aid applies only to the university’s flagship Austin campus.
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