Does the idea of paying for college send you into a panic? If so, you are not alone. With all of the news about how school loans are crushing a generation of college graduations, low and middle income families are wary about having their kids take on loans for college, but also frequently unable to pay for tuition and other expenses without loans.
The cost of college is not just a burden for families and students; it actually creates a problem for the schools, themselves, because they have a hard time getting talented students with lower incomes to attend because of the cost.
The University of Texas at Austin has come up with an innovative solution to that problem, by greatly expanding its need-based financial aid to include full-tuition scholarships for in-state undergraduates whose families make less than $65,000 per year.
The program will begin in the fall of 2020, and will apply to students who are already enrolled, as well as new students. In addition, UT will offer more assistance for middle income families, and has expanded that definition to include families earning up to $125,000 per year.