Texas’ Top University Offers Free Tuition to Students Whose Families Make $130,000 or Less

Higher education is about to come at a lower cost at Rice University. And in some cases, lower even means free.

So long, student loans. Hello, affordability?

Rice is now offering the possibility of free tuition to students whose families make $130,000 or less per year under a new plan.

The Rice Investment — a just revealed new initiative — calls for undergraduate students from low- and middle-income families who qualify to receive full tuition scholarships starting in the fall of 2019.

Qualifying Rice students with an annual family income that falls beneath $65,000 will receive grants that completely cover tuition, room, board and mandatory fees. Students whose families make between $65,000 and $130,000 and who qualify for need-based financial aid are also eligible for the scholarships and grants for free tuition.

But the altruism doesn’t end there. Students with a family income of $130,000 to $200,000 can apply for scholarships that would cover at least half of their tuition. This financial aid applies to both current and incoming Rice students.

“Talent deserves opportunity,” Rice University president David Leebron said while revealing the new plan today.

There isn’t a limit on how many students can apply for the full-tuition grants and scholarships, but the applicants must meet certain income bracket requirements and possess typical assets.

For now, the funding for The Rice Investment comes from a special distribution of Rice’s endowment. A new $150 million fundraising program is underway to continue this new program. Alumni have also come forward to discuss tuition affordability.

This plan comes on the heels of the University of Michigan’s decision to offer free tuition to domestic students who have an annual family income of under $65,000.

The trend’s also already hit close to home at a different Houston school. But sometimes, it comes from outside, not within.  Students in the University of Houston medical school’s inaugural class are all getting a full ride, courtesy of an anonymous $3 million donation.

Rice University’s Free Roots

The Rice Investment Plan is getting back to basics. When the school initially opened in 1912, there was no tuition fee. It wasn’t until 1965 that the gratis policy changed. Today, Rice’s annual tuition comes in at $46,600 — or $62,350, when you add in room and board. It’s the first year Rice’s total fees have measured in at more than $60,000 for the average student.

It’s a pretty penny for Rice University, which ranks an impressive No. 16 of the Best Colleges in America by U.S. News & World Report. The top notch research university has always been near the top of the list for ambitious graduating Texas high school students.

Who knows how many more applications will flood the Rice admissions office now? After all, everyone loves free.