The University of Southern California announced on Thursday that students from families with incomes below $80,000 will soon receive free tuition.

The free tuition offer will start with freshman entering the school in fall 2020 and spring 2021, and continue into classes thereafter.

The school said these changes will create more need-based financial aid across incomes, especially for "families who are finding it increasingly difficult to pay the rising costs of a college education."

Visit Business Insider's homepage for more stories.

The University of Southern California is now offering free tuition to students from families with incomes below $80,000, school officials announced on Thursday.

In a press release shared by the school, officials said the financial break would start for first-year students enrolled in fall 2020 and spring 2021, and continue for every new class thereafter.

USC also said that owning a home will no longer be a factor when determining financial aid need.

The school said these changes will create more need-based financial aid across incomes, especially for "families who are finding it increasingly difficult to pay the rising costs of a college education."

"We're opening the door wider to make a USC education possible for talented students from all walks of life," USC President Carol L. Folt said in the release. "This significant step we are taking today is by no means the end of our affordability journey. We are committed to increasing USC's population of innovators, leaders and creators regardless of their financial circumstances. Investing in the talent and diversity of our student body is essential to our educational mission."

USC said it will increase financial aid for undergraduates by $30 million, and says about a third of the incoming classes in fall 2020 and spring 2021 will benefit from the increase.

Currently, two-thirds of USC undergraduates receive some form of financial aid, the school said.

"Financial barriers should not be a deal-breaker for students with the merit and motivation to attend a top-tier research university like USC," Undergraduate Student Government President Trenton Stone said in the press release. "This plan will help make our incredible university community more accessible to a wider range of individuals from diverse financial, geographical and cultural backgrounds."

Federal data show that student debt has increased from $700 billion to $1.6 trillion over the past decade, causing a nationwide crisis.

Meanwhile at USC, administrators came under fire last year when officials at the school were embroiled in the college admissions scandal, where wealthy parents have been accused of paying thousands to have their children admitted into elite universities.