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Rice University said many undergraduates from families with incomes under $ 200,000 "will no longer be required to borrow". Here, a statue of the school's founder, William Marsh Rice, is seen on his campus in Houston, Texas.
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Rice University said many undergraduates from families with incomes under $ 200,000 "will no longer be required to borrow". Here, a statue of the school's founder, William Marsh Rice, is seen on his campus in Houston, Texas.
Google Maps / Screenshot by NPR
Rice University "significantly expands" its offer of financial assistance, promising full scholarships to undergraduates whose families have an income of less than $ 130,000. The school says it wants to reduce student debt and facilitate the participation of students from low-income families.
"Talent deserves an opportunity," Rice's president David Leebron said on Tuesday when the plan was announced.
The full scholarships are for students whose families have an income of between $ 65,000 and $ 130,000. Below this level, the university will not only cover tuition fees, but will also provide scholarships to cover room and board fees for students, as well as other fees.
Another part of the program will help students whose family income exceeds the maximum. If a student comes from a family with an income of between $ 130,000 and $ 200,000, he or she can still get grants covering at least half of his or her tuition.
The change reconnects Rice to a key part of her legacy, said Leebron. During the decades following the opening of the school in Houston, Texas, in 1912, Rice did not apply for tuition. This changed this policy in 1965.
The annual tuition fees at the university are currently set at $ 46,600. With room and board, the school costs $ 61,350 for the 2018-2019 school year – the first time this figure has exceeded $ 60,000.
Financial aid will be offered as part of a plan called Investment in Rice – which, according to the school, aims to reduce the burden of student debt. Under the new system, students who qualify "will no longer be forced to take out loans as part of their needs-based financial assistance programs," the school said.
The new program will take effect in the fall of 2019. By that time, all undergraduate students in the school will be able to find the improved help kits.
About 4,000 undergraduates enrolled at Rice University in the fall of 2017, said the school's registrar's office.
Rice announces the changes to her plan two years after her finances – and in particular her large endowments of more than $ 5.5 billion – have become the main news. The school was part of a group of wealthy universities that drew the attention of federal lawmakers for announcing their intention to increase tuition fees in 2016.
In response, Rice said she used the staffing to cover about 40 percent of her operating costs. Officials also said the fund "covers more than 90 percent of their financial aid program", Houston Chronicle Journalist Benjamin Wermund told Houston Public Media.
Since then, the school's endowment has continued to flourish – and Mr. Leebron has cited the fund's high returns as one of the reasons why he is now able to make rice more affordable for people. low-income families and the middle classes.
While Rice plans to phase out many loans as part of the plan, he adds, "We will always expect students to contribute to the cost of attendance through moderate gains in summer and summer jobs. of academic years.
Among the four-year public universities in Texas, the average tuition in 2018 was $ 8,091. According to Texas Higher Education Almanac, the average price of private universities was $ 28,880.
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