UT Board of Regents establishes $300M endowment to expand tuition assistance

AUSTIN, Texas - The UT System Board of Regents has established a $300 million endowment to help undergrad students pay for college.

The "Promise Plus" program will provide tuition assistance to eligible students at seven UT institutions: UT Arlington, UT Dallas, UT El Paso, UT Permian Basin, UT Rio Grande Valley, UT San Antonio and UT Tyler. 

In 2019, Regents created a $167 million endowment to provide a significant increase in tuition support for students at UT Austin. 

The funding for the Promise Plus program was generated by a series of investments by UT System financial officers that produced higher-than-expected returns over the past fiscal year.

Every UT academic institution has a program that covers 100 percent of students’ tuition and mandatory fees, depending on family income. Funds from these programs generally are used to supplement federal and state aid such as Pell grants and TEXAS grants.

Only full-time, undergraduate students, who are Texas residents, fill out the FAFSA and qualify for need-based aid are eligible to receive Promise Plus funds. Individual institutions may have additional criteria and will be determining how many students will be served by the Promise Plus funding.

Over the next month, Chancellor Milliken, Chairman Eltife and the regents will be visiting all seven campuses to announce each institution’s Promise Plus allocation and more details about the UT System’s commitment to affordability and access.

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