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The University of Texas system Board of Regents has established a $300 million endowment to fund tuition assistance programs using funding from higher-than-expected returns on investments over the past fiscal year.
The program, called Promise Plus, will provide tuition assistance to eligible students at UT Arlington, UT Dallas, UT El Paso, UT Permian Basin, UT Rio Grande Valley, UT San Antonio and UT Tyler. Full-time undergraduates who live in Texas and qualify for need-based aid are eligible for the program. Individual institutions may also list additional eligibility criteria.
“We are committed to increasing the affordability of a college education for more Texans by lowering the out-of-pocket cost of a UT degree for qualified students,” Kevin P. Eltife, chair of the board, said in a press release. “This is an investment in our students, in public higher education and the state of Texas.”
The new endowment is expected to generate $15 million each year.
