The University of Illinois said on Thursday it has created a $36 million financial aid fund for students in need, with federal money from the coronavirus stimulus package, institutional funding and private fundraising.
The funds will help undergraduate and graduate students cover tuition, housing and other costs at a time when the coronavirus pandemic has financially affected millions of Americans, said university president Timothy Killeen in a statement.
The fund will make financial aid for students from Illinois a priority and guarantees to cover next year’s tuition increase for every new in-state undergraduate student.
In-state tuition is increasing next fall for the first time in six years – by 1.8% in Urbana-Champaign and Chicago and by 1% in Springfield.
“The pandemic has disrupted college savings plans that were years in the making and created financial hardships no one could have foreseen,” Killeen said. “We want to make sure it doesn’t deny students access to the education that will transform their lives and supply the next-generation workforce that is so critical to the future of our state and nation.”