For students concerned about the expense of attending a selective college, the past week brought a wave of good news. On Tuesday, both the University of Pennsylvania and Brandeis University announced expansions to their financial aid programs, reaching a wider range of students. The following day, Carnegie Mellon, the Massachusetts Institute of Technology, and the entire University of Texas system followed suit. These plans make more lower- and middle-income students eligible for free tuition, with some raising the family income threshold to $200,000.

Selective Colleges' Affordable Path to Success

University of Pennsylvania's Financial Aid Expansion

Penn's program lifts the income threshold for free tuition from $140,000 to $200,000 annually. It also covers room, board, and books for those making under $75,000. Additionally, it includes changes like removing home equity from the family contribution formula. This means students from these families will receive more financial support, with an average of $4,000 more in institutional grants. Many families were struggling even with the previous $140,000 threshold, as they often live paycheck to paycheck and rely on their home as their main asset. Removing home equity from the calculation is a significant step in making college more affordable for them.

Carnegie Mellon's Financial Aid Initiatives

Carnegie Mellon is waiving tuition for families making under $75,000 and replacing loans with grants for those making under $100,000. This shows the university's commitment to helping students from lower-income backgrounds avoid the burden of loans. By providing tuition waivers and grant replacements, Carnegie Mellon is making college a more accessible option for these families.

Massachusetts Institute of Technology's Aid Enhancements

MIT's plan raises the income threshold to $200,000 and increases the eligibility bar for covered room and board from $75,000 to $100,000. This indicates MIT's focus on making higher education affordable for a broader range of students. By raising these thresholds, more students will be able to afford the cost of attending MIT without the burden of excessive financial obligations.

Brandeis University's Financial Aid Reforms

At Brandeis, $75,000 will be the threshold for free tuition, and families making under $200,000 will receive at least half off the sticker price. This shows Brandeis' dedication to providing financial assistance to a wide range of students. By offering significant discounts to families with incomes up to $200,000, Brandeis is making college more attainable for many.

The University of Texas System's Tuition Waiver

The University of Texas system is waiving tuition at all nine of its campuses for Texas residents making $100,000 or less. This is a significant step in making higher education accessible to local residents with lower incomes. By waiving tuition, the university is removing a major financial barrier for these students and allowing them to pursue their education without the burden of debt.