Rice University announced changes to its student financial aid plan, including grants covering tuition, room and board, and any mandatory fees for students whose families annual income is lower than $75,000, according to the Rice University Office of Public Affairs.
Full-tuition scholarships will also be available to students whose family income bracket falls between $75,000 and $140,00.
All financial award changes are set to be available at the start of the fall 2022 semester.
Changes were announced shortly after Rice University launched a capital campaign in October with the goal to reach $2 billion by 2025.
More than $1.2 billion in commitments has already been raised with large donations from organizations such as the Moody Foundation, a charity based out of Galveston, and the Robert A Welch Foundation, a nonprofit and one of the largest private funders of chemistry research in the US.
“The original goal of the Rice Investment is to invest in the promise of students, regardless of their financial background,” said Anne Walker, assistant vice president and executive director of university financial aid services, in the release.
Part of Rice University’s plan is to expand the student body; over 6,700 students are enrolled at Rice with the school planning to reach 9,000 by fall 2025.