Rice University reports that it has awarded more than $650 million in financial aid in the past five years through its Rice Investment free tuition program.
Introduced in the 2019-20 academic year, the Houston, Texas-based university’s financial aid program completely covers attendance costs, including tuition, fees and living expenses for low-income students. It also provides free tuition for many middle-income students and half tuition aid to some upper-income families.
Since the start of this groundbreaking program, the university has awarded over $651 million in total grant aid — a 54% increase compared to the previous five years. In the 2023-24 academic year alone, nearly $152 million in grant aid was awarded.
The university notes in a news release that is also loan-free for all students.
“At Rice, we believe that exceptional talent should never be hindered by financial barriers,” said university President Reginald DesRoches. “The success of The Rice Investment has solidified our commitment to ensuring that a Rice education remains accessible to students from all economic backgrounds. This program is so much more than just a financial aid package – it represents a profound investment in our students and their future.”
Rice said its financial aid initiative differs from other college aid programs because it takes a comprehensive approach. Besides offering full-tuition scholarships to students from families with incomes under $140,000, those in the $140,000-$200,000 range qualify for at least a half-tuition scholarship — a rarity among financial aid initiatives nationwide.
Students from families making less than $75,000 get full coverage for tuition, fees and living expenses.
Rice reports that 53% of undergraduates receive financial aid. The average financial aid package in 2023-24 was a record $63,233, covering 80% of the total cost of attendance. That an increase of 13-percentage-points since 2015 and exceeds the cost of tuition.
