AUSTIN, Texas (WSVN) — The University of Texas at Austin is now a bit more affordable.

The school announced that the University of Texas System Board of Regents voted unanimously, Tuesday, to establish a $160 million endowment that will generate money for financial assistance beginning in fall 2020.

The endowment will be used to expand UT Austin’s Texas Advance Commitment program to cover tuition and fees for in-state undergraduate students with financial need whose families make less than $65,000 a year.

The program will also offer tuition assistance to students with financial need whose families make up to $125,000 a year.

According to the U.S. Census Bureau, the median household income in Texas was $59,206 in 2017.

The University of Texas said over 8,600 undergraduate students will receive full tuition coverage while an additional 5,700 students will benefit from the tuition assistance.

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