Somewhere, Bernie Sanders is smiling.

The University of Texas at Austin is going to be offering free tuition next semester to in-state students whose families make less than $65,000 a year.

The move was announced Tuesday after the school’s System Board of Regents voted unanimously to use $160 million from the state’s Permanent University Fund on paying the way for low-and-middle-income students.

“Recognizing both the need for improved access to higher education and the high value of a UT Austin degree, we are dedicating a distribution from the Permanent University Fund to establish an endowment that will directly benefit students and make their degrees more affordable,” said Board of Regents Chairman Kevin Eltife in a statement. “This will benefit students of our great state for years to come.”

UT-Austin officials expect the $160 million endowment to cover tuition and fees for an estimated 8,600 students — which is 24 percent of the undergraduate student body.

“Families that earn up to $65,000 a year who have financial need” will be eligible, the school said.

In addition, the new endowment will “provide some assured tuition support to students from families with incomes of up to $125,000 who have financial need.”

The median household income in the Lone Star State was $59,206 in 2017, according to the U.S. Census Bureau.

“I am grateful to the UT System Board of Regents and Chairman Kevin Eltife for prioritizing students and investing in the future of our great state,” said UT Austin President Gregory L. Fenves. “Chairman Eltife understands that college affordability is one of the most critical issues affecting all Texans. Thanks to his leadership and the board’s action, this new endowment will go a long way toward making our university affordable for talented Texas students from every background and region.”