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player ready...The University of Chicago expanded the range of undergraduate students eligible for free tuition on Wednesday, widening assistance for those from families with incomes below $250,000.
Undergraduate students whose families earn an annual income of less than $250,000 with typical assets — which can encompass financial sources like savings and equity — are guaranteed free tuition at the university at the start of the U. of C.’s school year in fall 2027.
Tuition will also be covered for undergraduate students from families earning less than $125,000 with typical assets alongside free housing, meals and other fees.
The new offer builds upon the university’s existing financial aid commitments by doubling the annual income threshold for an undergraduate student’s family to qualify for tuition assistance. Previously, free tuition was guaranteed to students who were first in their families to go to college and to students from families with incomes below $125,000 annually with typical assets.
Free tuition, fees, rooms and meals were also offered to undergraduate students from families earning incomes less than $60,000 annually with typical assets, according to the U. of C. Office of the Bursar. The university announced its initial free tuition program in 2018.
“The University of Chicago is proud to sponsor a learning environment characterized by intellectual curiosity, ambition, and rigor, to shape the next generation of great thinkers whose ideas will benefit the American people and the broader world,” U. of C. President Paul Alivisatos said in a news release. “By deepening our commitment to affordability, we are helping to ensure that the brightest minds can join us.”
U. of C. undergraduate students receive more than $225 million in financial aid yearly, with the average financial aid package for undergraduate students totaling over $75,000, according to the news release. The amount of financial aid offered to students has increased significantly over the last decade and a half, doubling since 2011, and that figure is expected to continue to rise alongside the new relief initiative, the university said in the release.
Expanded financial assistance comes as high tuition costs continue to plague and place pressure on families and students across the United States.
The U. of C.’s current undergraduate tuition of $71,325 climbed nearly 6% from the prior year, according to the university’s financial aid website. Tuition for the 2015-16 school year totaled $49,026, marking a 45% increase over the last decade.
The university claimed roughly 90% of U.S. families would qualify for free U. of C. tuition under the new financial aid initiative, according to the release.
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“At a time when many families are uncertain about what the cost of college means for them, we created this initiative to radically expand and simplify our support for students,” James Nondorf, vice president for enrollment and student advancement and dean of college admissions and financial aid, said in the news release. “This initiative will increase predictability and allow students and their families to focus on what’s important: their love of learning, and preparation for meaningful and rewarding lives after graduation.”