Seeking to make college more affordable, the University of Texas will use some of its oil money to dramatically expand the financial aid it offers to low- and middle-income undergraduates on its flagship Austin campus.

The system's governing board approved a special $160 million distribution from its endowment Tuesday, which school officials expect will fully cover the tuition and fees of students whose families earn up to $65,000 in adjusted gross income a year starting in 2020. The funding, which will be used to create a new financial aid endowment, will also let UT-Austin alleviate tuition costs for students whose families earn up to $125,000 annually, if they demonstrate financial need.

Credit by - The Texas tribune

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