A big price tag just got a lot smaller at the University of Chicago.
The school announced Wednesday that it will offer free tuition to undergraduate students whose families have an annual income of less than $250,000.
Starting with the university’s autumn quarter next fall, undergraduate students from families with annual income below $250,000 will be eligible for free tuition. Students from households making less than $125,000 can also get free housing and meals from the school.
“The announcement is an affirmation of the University’s core belief that costs should not prevent a student from joining UChicago’s community of extraordinary scholars,” the University of Chicago said in a statement on its website.
The university said the newly announced financial aid is designed to make it easier for families to navigate their options and improve the predictability of financial support.
“At a time when many families are uncertain about what the cost of college means for them, we created this initiative to radically expand and simplify our support for students,” James G. Nondorf, Vice President for Enrollment and Student Advancement and Dean of College Admissions and Financial Aid, said in a statement.
“This initiative will increase predictability and allow students and their families to focus on what’s important: their love of learning, and preparation for meaningful and rewarding lives after graduation.”
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