DETROIT (AP) — Wayne State University in Detroit will provide free tuition to incoming in-state students with family incomes of $70,000 or less and assets of $50,000 or less.

The Wayne State Guarantee was announced Monday. It covers the full cost of tuition and standard fees with a combination of federal, state and other Wayne State scholarships and grants, the school said.

It is renewable for up to four years, with the option to apply for a fifth if the student is on track to graduate in that year.

“Too many students and their families do not think that college is an option because it’s too expensive,” Wayne State Provost and Senior Vice President for Academic Affairs Mark Kornbluh said in a release. “At Wayne State, we have robust financial aid programs and we work very hard to make attending one of the top research universities in the country affordable for each and every student.”

Wayne State provides nearly $350 million in financial aid annually, according to the school.

Last year, 46% of first-year Wayne State students had zero out-of-pocket expenses for tuition and fees through the university’s tuition pledge programs.

The Wayne State Guarantee only is open to Michigan residents. Students must submit a Free Application for Federal Student Aid and apply to Wayne State by April 1 to be eligible for the program in fall 2023.