PROVIDENCE, R.I. (AP) — Brown University will expand financial aid for students and work to improve college access following lucrative hauls from its endowment and a fundraising campaign, the Ivy league school announced Monday.
The Providence, Rhode Island-based school said it will fully cover tuition for families earning $125,000 or less. Students from families making less than $60,000 a year will also receive scholarships that cover tuition, room, board and books, as well as additional aid for other expenses.
Brown said it would also develop a college-preparatory program for public school students in Providence, among other initiatives.
“The university has an enduring commitment to ensuring that talented young people can afford to come to Brown, regardless of their socioeconomic background,” Christina Paxson, the university's president, said in the statement. “We are fortunate that strong financials provide us with a rare opportunity to make new investments in cultivating the next generation of leaders.”
The university reported earlier this month that its endowment generated a more than 50% return, or roughly $2.4 billion, in the fiscal year that ended June 30.
The endowment now sits at about $6.9 billion. The university said the fund contributed $194 million to its operating budget in the 2021 fiscal year.