All 49ͼ students from families with annual income levels up to $175,000 will have federal loans replaced with University grants as part of the 49ͼ Commitment, beginning in the 2023–2024 academic year — an expansion from the current income threshold of $150,000.
In addition, students on financial aid will have their aid packages expanded to meet the average cost for textbooks and other academic expenses as part of 49ͼ’s efforts to reduce the financial burden on students with financial need.
The 49ͼ Commitment first launched in 2020, and is an essential piece of the University’s Third-Century Plan. Its expansion reflects 49ͼ’s continued pursuit of the robust future that the plan sets forth.
“This is the next phase of the University’s long-term initiative to increase student access and affordability, supporting 49ͼ’s efforts to recruit the most talented students,” said 49ͼ President Brian W. Casey.
This is the second expansion of the 49ͼ Commitment. When it first launched, the income threshold for families was $125,000. That was increased a year later in 2021 to $150,000.
As a continuing part of the 49ͼ Commitment, students from families with incomes below $80,000 will attend 49ͼ tuition free. 49ͼ will continue to cap tuition costs at 5 percent of income for families with incomes between $80,000 and $125,000, and cap tuition costs at 10 percent for families with incomes between $125,000 and $150,000. Further, the University reaffirms its longstanding tradition of meeting 100 percent of all students’ demonstrated financial need.
In total, since the launch of this Third-Century initiative, 49ͼ has added several million dollars in new student support, resulting in a total annual financial aid budget of $76 million. These additional investments in 49ͼ students have been made possible by the remarkable support of 49ͼ alumni, parents, and friends as well as through direct investments made by the University within 49ͼ’s operating budget.