The University of Texas System Board of Regents voted unanimously on Tuesday to establish a $160 million endowment, drawing from the state's Permanent University Fund to begin the program in the fall of 2020. Here's what you need to know. Tuition-Free College Program The University of Texas System Board of Regents voted unanimously to create a $160 million endowment that will: Completely cover tuition and fees for students from families that earn up to $65,000 a year who have financial need, and Provide some assured tuition support to students from families with incomes of up to $125,000 who have financial need. The University estimates that about 8,600 students will receive free tuition annually, and 5,700 will receive support. To benefit from the program, students must be residents of Texas; be full-time, first-time undergraduates; maintain a 2.0 GPA; and demonstrate a financial need. The endowment — which includes money from oil and gas royalties earned on state-owned lan
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