Rice University has announced changes to its student financial aid plan, including grants that cover tuition, room and board, and any mandatory fees for students whose annual family income is less than $75,000, according to Rice University’s Office of Public Affairs.
Full scholarships will also be available to students whose family income ranges between $75,000 and $140.00.
All prize money changes are scheduled to be available at the beginning of the Fall 2022 semester.
The changes were announced shortly after Rice University launched its capital campaign in October with the goal of reaching $2 billion by 2025.
More than $1.2 billion in commitments have already been raised through large donations from organizations such as the Moody Foundation, a Galveston-based charity, and the Robert A Welch Foundation, a non-profit organization and one of the largest private funders of chemistry research in the United States.
“Rice Investment’s original intent was to invest in the promises of students, regardless of their financial background,” Ann Walker, associate vice president and executive director of the university’s financial aid services, said in the statement.
Part of Rice University’s plan is to expand the student body. More than 6,700 students are enrolled in Rice and the school plans to reach 9,000 by fall 2025.