The University of Texas System Board of Regents has made what it calls “an investment in the future for students” at UT in Austin by increasing tuition assistance for those from middle-and low-income families.
Regents voted unanimously Tuesday to establish a $160-million endowment from a distribution of the state’s Permanent University Fund that will generate money for financial assistance beginning in fall 2020.
“Recognizing both the need for improved access to higher education and the high value of a UT Austin degree, we are dedicating a distribution from the Permanent University Fund to establish an endowment that will directly benefit students and make their degrees more affordable,” Chairman Eltife said after the vote. “This will benefit students of our great state for years to come.”
The new endowment will be used to expand UT Austin’s Texas Advance Commitment program for in-state undergraduate students to:
- Completely cover tuition and fees for students from families that earn up to $65,000 a year who have financial need, and,
- Provide some assured tuition support to students from families with incomes of up to $125,000 who have financial need.
The median household income in Texas was $59,206 in 2017, according to the U.S. Census Bureau.
“I am grateful to the UT System Board of Regents and Chairman Kevin Eltife for prioritizing students and investing in the future of our great state,” said UT Austin President Gregory L. Fenves. “Chairman Eltife understands that college affordability is one of the most critical issues affecting all Texans. Thanks to his leadership and 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.”
The regents’ vote represents one of the largest financial aid commitments to improve the affordability of higher education. The endowment will support undergraduates from across Texas, including first-year through fourth-year and transfer students.
“There is no greater engine of social and economic mobility than a college degree, and this initiative ensures that more Texans will benefit from a high-quality UT Austin education. The use of Permanent University Funds to invest directly in students demonstrates the strong commitment of the Board of Regents and UT Austin to the values of public higher education,” Chancellor Milliken said.
The Permanent University Fund includes money from oil and gas royalties earned on state-owned land in West Texas.
The tuition assistance will only be available at the Austin campus.
