The University of Michigan Board of Regents has approved a program for low income students in the state. According to a press release Thursday, the "Go Blue Guarantee" will offer free tuition for in-state students who come from a family making $65,000 or less annually.

The program is set to begin on January 1, 2018 as part of the fiscal year 2018 general fund budget. The tuition program is exactly for that, and will not cover living costs and other non-tuition costs. According to a report from WLNS.com, tuition for in-state students is a bit more than $7,400.

According to the release, Board of Regents President Mark Bernstein says that the new program will not be funded by monies currently used for financial aid. There are already additional scholarships and grants awarded to in-state students from families earning up to $125,000 a year that cuts their tuition in half.

The WLNS.com report says Bernstein points to out-of-state tuition and in-house spending strapping to fund the "Go Blue Guarantee."