The board of Regent at UT Austin decided to create an endowment of $160 million for students with families earning less than $65,000 yearly.
With the gradual rise in the tuition and fees charged by colleges, getting an undergrad degree seems to be near impossible these days for low - and middle- income families. However, amidst such limitations, the University of Texas flagship campus in Austin has now decided to make affordable education arrangements for students whose families earn less than $65,000 per annum, reports CNN.
Expanding its financial aid policy, the University of Texas System of Board of Regents has collectively approved the decision to create a special endowment of $160 million for financial support.
Students whose families make less than $65,000 a year will be able to attend the University of Texas flagship campus in Austin without having to worry about tuition https://t.co/4pn3CQN4hG— CNN (@CNN) July 10, 2019
The announcement which was made on Tuesday also indicated that the money will be generated from the state's Permanent University Fund and will be effective in the fall of 2020. With Chairman Kevin Eltife and Chancellor James B. Milliken leading the decision, we can now expect a brighter future for the students.
The officials further revealed their expectation of the allotted amount to easily cover the complete expense of a student's college fees. This program will also concentrate on outlining new financial fund to assist UT-Austin going students whose families earn just $125,000 yearly if they produce required documents supporting their claim to be in need.
Regents Make UT Austin Even More Affordable. Families earning up to $65K will have all tuition and fees covered by new endowment.— Dr. Fidelio (@Dr_Fidelio) July 9, 2019
"Our main focus at the UT system is our students. That's it, that's what we're in business for is to provide affordable, accessible education for our students," explained the board chairman Eltife.
Elaborating on the requirement of a fund like this he continued, "We all know the struggles that hardworking families are having putting their kids through school. What we've done here is repurposed an endowment into another endowment that will provide tuition assistance to a lot of the working families in Texas."
Bold leadership from @gregfenves and UT Board of Regents. This will make a lasting difference for generations of students, and especially those whose college aspirations have seemed out of reach. Especially proud to be a @UTAustin leader. #WhatStartsHere https://t.co/18klODCdM1— Charles Martinez (@c_martinez) July 9, 2019
In addition to that, he said, "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."
Acknowledging its benefits, Eltife said, "This will benefit students of our great state for years to come." This initiative plans to cover the tuition charges of about 8,600 undergraduate students, say reports.
More, it covers tuition and fees. And families making up to $125,000 will receive some "assured tuition support," if they have financial need: https://t.co/qXEymRoMHl— Chris Quintana (@CQuintanaDC) July 9, 2019
According to US News & World Report, the University of Texas-Austin campus which ranks 15th among public schools has nearly 41,000 undergraduates under its wing. So, the number of students they plan on helping does seem quite good.
Moreover, the additional alleviation of huge amounts of fees for families earning $125,000 annually does help quite a lot. As per a 2017 report by theU.S. Census Bureau, the median household income in Texas was calculated to be $59,206.
Hooray for my alma mater 👩🎓 The University of Texas at Austin. Hook em \m/ https://t.co/jmhMY6rZg6— James White 🤘🏼⚛️ (@mightcan) July 9, 2019
Appreciating the Board of Regents recent investment decision, the President of UT Austin, Gregory L. Fenves said, "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."
He added, "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."
UT to cover tuition for families that earn up to $65,000. This will be put into effect by the Fall of 2020. https://t.co/C9FCt6vQLP— Frank (@FrnRcfrt) July 9, 2019
This is now regarded as one of the largest financial aid allegiances which could assist undergrads all around Texas including the pupils in their first-year through fourth-year and transfer students. Until now, the University was providing free education to aid students with families earning $30,000 a year. Of course, the regent's vote received critical acclaim as it would effectively improve the rate of affordability of higher education among students with low-income families. "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," said Chancellor Milliken.
Hope other Universities will offer this opportunity— #DMVBringsUTalent (@CRSBusTour) July 10, 2019
"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," continued Milliken.
The Permanent University Fund now stands at an impressive $31 billion which includes royalties from oil and gas investments on the state-owned land situate in West Texas. This amount is only second to Harvard University, according to Bloomberg.
Here's what the majority of people thought:
This is ridiculous nothing is for free what are you teaching young adults? no Responsibilities? Smh!— Nelson Garcia (@Nelson1Garcia) July 10, 2019
Unintended consequence:— Carnac the Magnificent (@BiffNola) July 10, 2019
At the age of 18-19, families will be disavowing their children at an alarming rate so they can go to college for free.
Because a family of four making 70k a year is living high on the hog so they can afford tuition. It’s time to make college free for everyone. 65k is an arbitrary number.— Brett A. Zekowski (@BZekowski) July 10, 2019
It wouldn’t be free for anyone. Someone has to pay for it.— B (@Texan__Pride) July 10, 2019
Ha ha! Good luck getting in. UT plus every other univ and comm college in TX has the most cumbersome application/registration processes I’ve ever encountered. Purposefully confusing and thwarting, & I’ve been to 7 colleges in 4 states. Texas doesn’t want kids to get an education.— j.jo. (@tickedoffJJ) July 10, 2019
Ok- this IS current day Texas. So when they ask to verify all household members income that won't be a surprise. But when they ask to take pictures of every person that lives under the roof you live under, or DNA, or who cuts your grass, & are there any Mexican's in that crew....— Victoria Armand (@V_w17) July 10, 2019
You just incentivized people to work under the table, or avoid career progression in order to qualify for this program.— Joel (@JoelWat14362707) July 10, 2019