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University Offering Free Tuition For Families Who Make Less Than $130,000

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HOUSTON (CBS) – A Texas university is offering free tuition for middle-income families who make less than $130,000 a year.

The new program, called The Rice Investment, was announced this week at Rice University, a 300-acre campus just outside of Houston.

The university says starting next fall, all undergraduates whose families make between $65,000 and $130,000 a year will be eligible for a full scholarship. Families making between $130,000 and $200,000 a year will be eligible to receive half of their tuition covered.

"Talent deserves opportunity," Rice President David Leebron said. "We've built on our already generous financial aid to provide more support to lower-income and middle-class families and ensure that these students have access to the best in private higher education."

The year, U.S. News & World Report ranked Rice as the 16th best university in the county.

"This bold step reflects our founding principles," Leebron said. "When Rice opened its doors in 1912, we didn't charge tuition. Rice changed its charter in 1965 to begin charging tuition, but immediately began offering scholarships to eligible students. This significantly builds on that legacy and on our commitment to make a Rice education accessible and affordable for students from all backgrounds."

To read more about the program, CLICK HERE.

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