Starting this fall, University of Texas at Austin will expand financial aid to incoming undergraduate students from low-income and middle-income families, the school said Friday.

"As part of its commitment to keeping higher education affordable," the school said that new incoming freshmen this fall with family incomes up to $100,000 will be guaranteed financial aid through the Texas Advance Commitment if they need it. Students with annual family incomes up to $30,000 are guaranteed to receive enough aid to completely cover their tuition costs.

The funding comes from a recurring $5 million in new funds from the Available University Fund approved by the UT System Board of Regents, the school said.

To be eligible, students must submit a Free Application for Federal Student Aid (FASFA) or a Texas Application for State Financial Aid (TASFA), be admitted to and enrolled as a first-time freshman and have demonstrated financial need.

Visit the Texas Advancement Commitment website for more information.