Red received this in his inbox today from University of Texas President Gregory L. Fenves:
I’m writing today with great news. The UT System Board of Regents — under the leadership of Chairman Kevin Eltife — has voted unanimously to establish a $160 million endowment to expand financial aid for middle- and low-income UT Austin students beginning next year.
Starting in fall semester 2020, in-state undergraduate students with need from families that earn up to $65,000 a year will receive financial assistance to completely cover their UT tuition as part of our Texas Advance Commitment. And students with financial need from families with incomes of up to $125,000 will also receive some amount of assured financial aid.
Half of the families in Texas earned less than $60,000 in 2017. So, today’s expansion of the Texas Advance Commitment program means that beginning in 2020, we will be able to cover the tuition for eligible undergraduate students from families earning at or slightly above the median household income level.
This action by the Board of Regents is an investment in the future of our students. It is also one of the largest commitments ever made to improving college affordability among the nation’s leading public research universities. I thank the Board of Regents for their decision today. And I am especially grateful to Chairman Eltife for prioritizing Texas students.
This is an important day for The University of Texas at Austin. You should be proud. I couldn’t be prouder.
Red is proud. This is a big deal for many Texas families. When Red and friends went to state schools in Texas (way back in the day) it was for all practical purposes free. If you couldn’t scrape up the $250 or so per semester to pay for your tuition and fees, you weren’t really trying very hard. Usually, the books cost more – but you could buy used and trade them back in at the end of the semester. We were the lucky ones. Thanks to previous Poor Idiot Governors (Rick Perry Red is calling you out) – tuition increases at state schools have strained budgets for many Texas families. And the fact is – the UT System has had the money to do this for many years. It was way overdue. Nonetheless, better late than never.