The University of Southern California announced Thursday that it would make tuition free for students who come from families with an annual income of $80,000 or less. This dramatic change will start in the Fall of 2020 for first-year students.
According to ABC7 News, the private university will no longer consider home equity for aid.
In a news statement to, USC President Carol L. Folt said: "We're opening the door wider to make a USC education possible for talented students from all walks of life. This significant step we are taking today is by no means the end of our affordability journey."
ABC7 highlights that Folt's statement announces USC will increase undergraduate aid by more than $30 million annually.
Additionally, the Los Angeles Times reports that transfer students at USC will not be eligible for the new policies, but they can still receive financial aid under previous policies, the Times reported.
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