Beginning next year, the University of Texas will offer full scholarships to undergraduates who come from families with an annual income of $65,000 or less.

ABCNews reports the University System Board of Regents voted to establish a $160 million endowment from the state's Permanent University Fund in order to offer the scholarships by fall 2020, according to a press release from the University. It will only apply to students attending the Austin campus.

The average family in Texas earns $57,051, so this would affect the majority of incoming students. Last year the University of Michigan began offering free tuition for in-state students with the same income rate. So this isn't entirely new, just in our state.

With some presidential candidates promising free higher education I'm sure UT's move will be watched with a microscope by many. Will other schools follow? Is this the new normal? I guess time will tell.