All ԱƵ students from families with annual income levels up to $175,000 will have federal loans replaced with University grants as part of the ԱƵ Commitment, beginning in the 2023–2024 academic year — an expansion from the current income threshold of $150,000.
In addition, students on financial aid will have their aid packages expanded to meet the average cost for textbooks and other academic expenses as part of ԱƵ’s efforts to reduce the financial burden on students with financial need.
The ԱƵ Commitment first launched in 2020, and is an essential piece of the University’s Third-Century Plan. Its expansion reflects ԱƵ’s continued pursuit of the robust future that the plan sets forth.
“This is the next phase of the University’s long-term initiative to increase student access and affordability, supporting ԱƵ’s efforts to recruit the most talented students,” said ԱƵ President Brian W. Casey.
This is the second expansion of the ԱƵ Commitment. When it first launched, the income threshold for families was $125,000. That was increased a year later in 2021 to $150,000.
As a continuing part of the ԱƵ Commitment, students from families with incomes below $80,000 will attend ԱƵ tuition free. ԱƵ will continue to cap tuition costs at 5 percent of income for families with incomes between $80,000 and $125,000, and cap tuition costs at 10 percent for families with incomes between $125,000 and $150,000. Further, the University reaffirms its longstanding tradition of meeting 100 percent of all students’ demonstrated financial need.
In total, since the launch of this Third-Century initiative, ԱƵ has added several million dollars in new student support, resulting in a total annual financial aid budget of $76 million. These additional investments in ԱƵ students have been made possible by the remarkable support of ԱƵ alumni, parents, and friends as well as through direct investments made by the University within ԱƵ’s operating budget.