At a time when United States college tuition is up, student loan burdens are affecting the economy, and college enrollment is falling off, one university is establishing an endowment to cover tuition for thousands of students beginning in the fall of 2020.
Recently, University of Texas regents voted to approve funding from a source that includes oil and gas royalties on state-owned land in west Texas. Tuition for UT-Austin will be facilitated for the fall 2020 session for Texas in-state families that earn $65,000 or less a year and have financial need. Texan median household income was $59,206 in 2017, per the U.S. Census Bureau.
Said Gregory Fenves, Pres. UT at Austin, “College affordability is one of the most critical issues affecting all Texans…this new endowment will go a long way toward making our university affordable for talented Texas students .”
The University of Texas at Austin average undergraduate in-state tuition and fees is $10,314 per year. UT-Austin’s tuition remuneration is the latest in a series of efforts by UT to increase access to higher education through financial assistance. This program, implemented just last year, is estimated to benefit 8,600 students next year, while yielding at least some financial assistance to an additional 5,700 students.