The University of Texas will be free to teach students with incomes below $ 65 thousand per year.

In order to facilitate residents' access to higher education, University of Texas 9 July announced its intention to provide full tuition scholarships to students whose families earn less than 65 000 dollars a year.

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For this purpose, the University Council has established a fund in the amount of 160 million dollars, which will be funded from the State Permanent University Foundation, the first scholarships will begin to issue 2020 in the fall of the year. This money will complement existing federal and local financial aid programs, writes USA Today.

This step will allow the university to fully fund the training of more than 8600 students. The new fund will also help reduce the financial burden on additional 5700 students on staff whose families have incomes of less than 125 000 dollars per year. Part of the funding comes from oil and gas fees received from land owned by the state in West Texas.

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“We all know the difficulties families face while educating their children. We have now repurposed one fund into another that will provide tuition assistance to many working families in Texas,” said University Council Chairman Kevin Eltife.

The new program at the University of Texas applies only to residents of the state and will cover student tuition fees, but not additional living expenses, which in the 2019-2020 school year are estimated to be about 17 thousand dollars. University tuition fees for Texas residents are 10 314 dollars.

The gold standard for universities is to decide on the enrollment of an applicant, based on his knowledge, and not on financial means. Therefore, colleges sometimes promise to cover up to 100% of the financial costs of talented students through scholarships, not loans.

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Despite this, universities do not always cover all student expenses, which means that students may still have to borrow or borrow in order to fully finance their education.

This usually happens when a student’s financial need, calculated on the basis of his application for federal student assistance, is underestimated, and their actual ability to pay for college is actually lower than the program suggests. Because of this, the “expected family contribution” in this program is often criticized, calling it an unrealistic estimate of how much money students or their families can spend on education.

Therefore, some universities have developed their own systems for calculating students ’financial capabilities and often offer assistance that is not based on estimates of the“ expected family contribution ”. For example, the University of Michigan since January 2018 offers free education to state residents whose families earned less than 65 000 dollars per year.

And Rice University, a private institution in Texas, announced in the 2018 year that it would cover the full cost of tuition with grants rather than loans for students whose families earn less than 130 000 dollars a year.

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