By Lindsay Ellis
A new Texas A&M University System financial aid program hopes to benefit middle-class families who do not qualify for federal aid geared at low-income students but who do not have the financial means to recover after unexpected expenses.
The grants, pending regent approval, will distribute $3 million per year for the next decade to students whose family income is between $60,000 and $100,000 each year. A&M will use revenue from the Permanent University Fund to finance the grants.
It’s the latest indication that universities in Texas see middle-class families as especially vulnerable in paying for college as costs increase.
Rice University’s latest strategic plan, released earlier this month, singled out middle-class students as a group that needs more outreach.
“We must also more robustly address the needs of students from middle-class families, who are increasingly finding themselves priced out of the best in private higher education,” the plan read.
Rice pledged to raise about $200 million in financial aid endowments as part of its plan.
Greg Fenves, the University of Texas at Austin’s president, pledged to provide additional financial aid for low- and middle-income students in his fall address in September.
A&M’s Chancellor John Sharp said Hurricane Harvey made it clear that there is a gap in existing financial aid plans. He was tapped by Gov. Greg Abbott as the state’s recovery czar.
“We do not want our hardworking students to be forced to take out extra loans or lose valuable time toward their degree because of unanticipated issues with things like medical expenses, job loss, or natural disasters,” Sharp said in a statement. lindsay.ellis@chron.com twitter.com/lindsayaellis