Quantcast
Connect with us

UT-Austin will provide free tuition to undergrad students with family incomes below $65,000 starting in 2020

Published

on

The UT System allocated $160 million of its oil money for the project.

Seeking to make college more affordable, the University of Texas will use some of its oil money to dramatically expand the financial aid it offers to low- and middle-income undergraduates on its flagship Austin campus.

ADVERTISEMENT

The system’s governing board approved a special $160 million distribution from its endowment Tuesday, which school officials expect will fully cover the tuition and fees of students whose families earn up to $65,000 in adjusted gross income a year starting in 2020. The funding, which will be used to create a new financial aid endowment, will also let UT-Austin alleviate tuition costs for students whose families earn up to $125,000 annually, if they demonstrate financial need.

“Our main focus at the UT system is our students. That’s it, that’s what we’re in business for is to provide an affordable, accessible education for our students,” board Chair Kevin Eltife said in an interview after the vote. “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.”

The funding marks a significant expansion for UT-Austin, which currently has a financial aid initiative that guarantees free tuition to students whose families earn up to $30,000 a year. The median household income in Texas was just over $59,200 in 2017, according to U.S. Census Bureau data.

School officials estimate about a quarter of its undergraduates from Texas — 8,600 students — would have their tuition fully paid under the new plan, and an additional 5,700 would receive financial aid from it. The program will not pay for students’ living expenses, which were estimated to be around $17,000 for the 2019-20 academic year. Tuition and fees averaged $10,314 for Texas residents.

ADVERTISEMENT

UT-Austin President Greg Fenves said he was grateful to the board for “prioritizing students and investing in the future of our great state.”

“Chairman Eltife understands that college affordability is one of the most critical issues affecting all Texans,” Fenves said in a written statement. “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.”

ADVERTISEMENT

Eltife said, “This is something that I think is a great step in the right direction, and we’ll keep moving in this direction.”​​​

The money will supplement federal and state financial aid programs.

The UT System has one of the richest educational endowments in the country, second in size only to Harvard University last year, according to Bloomberg data. (The system has far more students across its 14 institutions than those who attend Harvard.)

ADVERTISEMENT

But a Texas Tribune investigation from 2017 found that just a fraction of the endowment distribution was being used for financial aid at UT-Austin — about $3 million for undergraduates — and that money dedicated to system administration and initiatives, like an in-house educational technology startup, had increased. The chancellor and many of the regents have changed since then, and Eltife has been critical of past spending priorities.

School officials estimate about a quarter of its undergraduates from Texas — 8,600 students — would have their tuition fully paid under the new plan, and an additional 5,700 would receive financial aid from it. The program will not pay for students’ living expenses, which were estimated to be around $17,000 for the 2019-20 academic year. Tuition and fees averaged $10,314 for Texas residents.

UT-Austin President Greg Fenves said he was grateful to the board for “prioritizing students and investing in the future of our great state.”

ADVERTISEMENT

“Chairman Eltife understands that college affordability is one of the most critical issues affecting all Texans,” Fenves said in a written statement. “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.”

Eltife said, “This is something that I think is a great step in the right direction, and we’ll keep moving in this direction.”​​​

The money will supplement federal and state financial aid programs.

ADVERTISEMENT

The UT System has one of the richest educational endowments in the country, second in size only to Harvard University last year, according to Bloomberg data. (The system has far more students across its 14 institutions than those who attend Harvard.)

But a Texas Tribune investigation from 2017 found that just a fraction of the endowment distribution was being used for financial aid at UT-Austin — about $3 million for undergraduates — and that money dedicated to system administration and initiatives, like an in-house educational technology startup, had increased. The chancellor and many of the regents have changed since then, and Eltife has been critical of past spending priorities.

Disclosure: The University of Texas at Austin, the University of Texas System and Texas A&M University have been financial supporters of The Texas Tribune, a nonprofit, nonpartisan news organization that is funded in part by donations from members, foundations and corporate sponsors. Financial supporters play no role in the Tribune’s journalism. Find a complete list of them here.

Enjoy this piece?

… then let us make a small request. Like you, we here at Raw Story believe in the power of progressive journalism — and we’re investing in investigative reporting as other publications give it the ax. Raw Story readers power David Cay Johnston’s DCReport, which we've expanded to keep watch in Washington. We’ve exposed billionaire tax evasion and uncovered White House efforts to poison our water. We’ve revealed financial scams that prey on veterans, and legal efforts to harm workers exploited by abusive bosses. We’ve launched a weekly podcast, “We’ve Got Issues,” focused on issues, not tweets. And unlike other news outlets, we’ve decided to make our original content free. But we need your support to do what we do.

Raw Story is independent. You won’t find mainstream media bias here. We’re not part of a conglomerate, or a project of venture capital bros. From unflinching coverage of racism, to revealing efforts to erode our rights, Raw Story will continue to expose hypocrisy and harm. Unhinged from billionaires and corporate overlords, we fight to ensure no one is forgotten.

We need your support to keep producing quality journalism and deepen our investigative reporting. Every reader contribution, whatever the amount, makes a tremendous difference. Invest with us in the future. Make a one-time contribution to Raw Story Investigates, or click here to become a subscriber. Thank you. Click to donate by check.

Enjoy this piece?

… then let us make a small request. Like you, we here at Raw Story believe in the power of progressive journalism — and we’re investing in investigative reporting as other publications give it the ax. Raw Story readers power David Cay Johnston’s DCReport, which we've expanded to keep watch in Washington. We’ve exposed billionaire tax evasion and uncovered White House efforts to poison our water. We’ve revealed financial scams that prey on veterans, and efforts to harm workers exploited by abusive bosses. We’ve launched a weekly podcast, “We’ve Got Issues,” focused on issues, not tweets. Unlike other news sites, we’ve decided to make our original content free. But we need your support to do what we do.

Raw Story is independent. You won’t find mainstream media bias here. We’re not part of a conglomerate, or a project of venture capital bros. From unflinching coverage of racism, to revealing efforts to erode our rights, Raw Story will continue to expose hypocrisy and harm. Unhinged from corporate overlords, we fight to ensure no one is forgotten.

We need your support to keep producing quality journalism and deepen our investigative reporting. Every reader contribution, whatever the amount, makes a tremendous difference. Invest with us in the future. Make a one-time contribution to Raw Story Investigates, or click here to become a subscriber. Thank you.



Report typos and corrections to: [email protected]. Send news tips to: [email protected].
READ COMMENTS - JOIN THE DISCUSSION
Continue Reading

Breaking Banner

Psychoanalyst Justin Frank on why Trump ‘hates reality’ and must be ‘quarantined’

Published

on

Donald Trump is a living, breathing national emergency. Our president has repeatedly encouraged violence against his perceived enemies — and at least some of his supporters are following his lead. These are not isolated incidents. There are dozens of court cases where Donald Trump has been cited for "inspiring" acts of violence and other crimes. There are also the most odious examples such as the recent white supremacist terror attack in El Paso in which the alleged mass murderer wrote an online "manifesto" that almost verbatim channeled Trump's threatening rhetoric towards nonwhite people.

Continue Reading

Breaking Banner

Like a fox — how a TV news channel is tearing America apart

Published

on

By

A little over 20 years ago, Rupert Murdoch and Roger Ailes concocted a profitable way to tap into the white supremacist ideology still bubbling below America’s surface.

They started a “news” network that, instead of providing actual news, gave white, conservative viewers the news they wanted to hear: that they, their families, and their values were under attack by minorities, gays, women, liberals, socialists, Muslims, atheists, the media, etc. — and therefore their biases were justified.

It’s been a lucrative strategy. However, just making a buck wasn’t enough for them. They also wanted to shape the fortunes of the country they were dividing. Here, too, they had tremendous success.

Continue Reading
 

Breaking Banner

Is Trump’s love affair with Fox News fading?

Published

on

Last month after Donald Trump watched Fox News lob what he called "softball questions" at a Democratic lawmaker, the US president delivered a crisp smackdown of his favorite network: "Fox sure ain't what it used to be."

After years of often fawning coverage by Fox, particularly from its pro-Trump anchors like Sean Hannity, the commander in chief appears to be tilting his media gaze toward a younger, more right-wing rival, cable outfit One America News Network (OANN).

The small upstart broadcaster was launched only recently, in 2013, by technology millionaire Robert Herring, who sought a more conservative alternative to mainstream media behemoths like CNN.

Continue Reading
 
 

Thank you for whitelisting Raw Story!

As a special thank you, from now until August 31st, we're offering you a discounted rate of $5.99/month to subscribe and get ad-free access. We're honored to have you as a reader. Thank you. :) —Elias, Membership Coordinator
LEARN MORE
close-link
close-image