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The University of Southern California will phase in free tuition for undergraduate students from families with an annual income of $80,000 or less, USC President Carol L. Folt announced Thursday.

As part of the initiative, ownership of a home will not be counted in determining a student’s financial need to attend the Los Angeles private college with 20,500 undergraduates, where tuition and living expenses are above $77,000 annually.

“We’re opening the door wider to make a USC education possible for talented students from all walks of life,” Folt said in a statement.

The changes will be phased in beginning with first-year students entering USC in the fall of 2020 and the spring of 2021, USC said.