The University of Southern California announced plans Thursday to offer free tuition to students whose family incomes are less than $80,000 a year.
The University of Southern California also said homeownership will no longer factor into its calculations to determine a student’s financial need.
The new policies, will place the private campus on par with the public University of California, long known as a national leader in generous financial aid policies and high numbers of low-income students.
“We really want this to be an institution where great students can attend regardless of their financial background,” Folt said in an interview. “Education should be the great bridge across income that really is the equalizer and makes our talented, hardworking students able to make real contributions.”
Annual tuition at USC is $57,256 before factoring in additional costs, such as student fees, housing and books, according to the university’s website. The school estimates that it offered $611 million in financial aid in the 2017-18 academic year.
USC plans to increase financial aid by more than $30 million annually, according to Thursday’s announcement. The administration estimates that the increase will help about one-third of students entering in the fall 2020 and spring 2021 semesters.