In an effort to increase socioeconomic diversity, the University of Pennsylvania announced plans to provide grants to all students coming from families earning less than $50,000 per year.
The plan comes courtesy of a $6.3 million budget increase for the coming academic year. The announcement followed similar declarations from Stanford University and the Massachusetts Institute of Technology. Other institutions that have made such offers include the University of Minnesota, the University of Virginia, the University of North Carolina at Chapel Hill and Princeton University.