The University of Southern California has announced a plan that essentially eliminates tuition for students whose family income is less than $80,000 a year.
According to NBC News, USC President Carol L. Folt unveiled two new policies that would make the University more accessible to students, including the free tuition break, which will begin for freshmen entering this coming fall. The school also plans to stop looking into homeownership when determining a student’s financial assistance, calling it a “break for homeowners.”
“We are committed to increasing USC’s population of innovators, leaders, and creators regardless of their financial circumstances,” Folt said. “Investing in the talent and diversity of our student body is essential to our educational mission,” the University said in its press release.
According to the University’s website, annual tuition at USC is $57,256, and that’s before factoring in additional costs, such as student fees, housing, and books. The school estimated that it offered $611 million in financial aid in the 2017-18 academic year.
The University intends to increase financial aid by more than $30 million annually, and the administration estimates that the increase will assist about one-third of the students entering in the coming fall and spring semesters.