The University of Michigan’s President announced a financial aid program to the students whose families earn $65,000 a year or less. The decision has been taken so that low-income students can attend the University.

According to the data, more than 15 percent of the families in Michigan would qualify for the program, known as the Go Blue Guarantee. The program will provide free tuition fee for four years, a value of $60,000, beginning from January, 2017.

The funds will be available for incoming undergraduate students and also for those undergraduates currently enrolled at the Ann Arbor campus. But those attending UM’s Dearborn or Flint campuses will not be eligible.

University President Schlissel said during Thursday’s Board of Regents meeting that he has heard from far too many families throughout the state who do not pursue at a University of Michigan education because they feel that they cannot afford it.

“We now guarantee those with the most need can afford a University of Michigan education,” he said.

Students’ families also will have to have $50,000 or less in assets, said Kedra Ishop, UM’s vice provost for enrollment management.

The program will also be applicable for an estimated 3,000 in state students who are already enrolled at UM in the upcoming spring semester, and there will no cap on the number of students who qualify in the future.

According to U.S. Census data, Michigan’s median income for a family of three was $63,995 and $77,865 for a family of four in 2015.

To be eligible for funding at a four-year university, students must have attended all four years of high school and have a cumulative grade point average of 3.0 by February 1st of their senior year. They need a minimum score of 21 on the ACT or 1060 on the SA

2016 entering class at by income

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