On Thursday, the university announced it is committing to loan-free financial aid. This is a first in the university's history, and it applies to all students, domestic or international, according to a statement.
Students whose family's income is up to $140,000 per year will get a full-ride scholarship. If the family's income is over that but under $200,000, students will get a scholarship that pays for half of their tuition.
Also, if a student's family income is under $75,000, then tuition, mandatory fees and room and board will be paid for.
"The original goal of the Rice Investment is to invest in the promise of students, regardless of their financial background," Anne Walker, assistant vice president and executive director of university financial aid services said in a statement.
The new policy will go into effect in the 2022 fall semester. All current and incoming students will see the changes reflected in their financial aid awards, according to the university.