This isn't just a few scholarships here and there, they say this can cover around 24% of the undergraduate student body.

Good news coming for students going to college in the next few years. The University of Texas just announced a new financial aid program. If your parents make a combined total income of less than $65,000, then you're eligible for this new program. The University says it has enough money to cover around 8,600 students which is a lot.

The University of Texas is not an easy school to get into. If you have the ability to get in, but are worried about the financial side of things. This new program may be just for you. This new program will start for students going into the Fall 2020 semester. So if you're going to be a senior in high school, start getting ready.

"Recognizing both the need for improved access to higher education and the high value of a UT Austin degree, we are dedicating a distribution from the Permanent University Fund to establish an endowment that will directly benefit students and make their degrees more affordable," Kevin Eltife, chairman of the UT System Board of Regents, said after the vote. "This will benefit students of our great state for years to come."

The new financial aid commitment will also provide assured tuition support to an additional 5,700 students from families that earn up to $125,000 a year. So if your family makes too much money for the full ride, some additional money could be coming your way. Remember, to always apply for these tuition offers. It's basically free money for your education and that tuition will add up over the years.