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This move is an extension of the school system’s existing aid programs. In 2019, UT Austin students from families with incomes of $65,000 or less were offered free tuition and mandatory fees.
In committee, regents ruled to dedicate $35 million to support the new threshold in perpetuity. UT System estimates could help 7 million Texans a year
By 2029 the program could be in debt for as much as $3.3 billion, running completely out of money by 2018, due to the difference in tuition rates between the state's projections and the actual cost of tuition at major public universities. (UT Austin tuition was $7,630 per year in 2007; the state had projected $5,332.) This gap is currently paid ...
The University of Texas at Austin (UT Austin, UT, or Texas) is a public research university in Austin, Texas, United States. Founded in 1883, it is the flagship institution of the University of Texas System. With 51,913 students as of fall 2023, it is also the largest institution in the system. [13]
In 2017, a federal endowment tax was enacted in the Tax Cuts and Jobs Act of 2017 in the form of an excise tax of 1.4% on institutions that have at least 500 tuition-paying students and net assets of at least $500,000 per student. The $500,000 is not adjusted for inflation, so the threshold is effectively lowered over time.
In a vote of 8 for 1 abstained, ACC trustees passed a five-year pilot free tuition program, transforming the affordability of Austin-area higher ed.
Texas House Bill 588, commonly referred to as the "Top 10% Rule", is a Texas law passed in 1997. It was signed into law by then governor George W. Bush on May 20, 1997. The law guarantees Texas students who graduated in the top ten percent of their high school class automatic admission to all state-funded universities.
The Permanent University Fund was established by the 1876 Constitution of the State of Texas. [2] Initially, its assets included one-tenth of University of Texas at Austin lands bordering the railroads (UT Austin was granted 1 million acres (4,000 km 2) in West Texas as compensation) as well as 1 million acres (4,000 km 2) additional. [3]