ANN ARBOR, Mich. (AP) — The University of Michigan will offer four years of free tuition for in-state students whose families make less than $65,000 annually.

The school says it’s “Go Blue Guarantee” starts Jan. 1. Regents approved it Thursday as part of the $2 billion fiscal year 2018 general fund budget for the Ann Arbor campus.

Chair Mark Bernstein says the guarantee is expected to increase socio-economic diversity on the campus. It will not cover room and board, but students also may be eligible for additional aid to cover non-tuition costs.

Tuition for in-state students at Michigan is about $7,413.

Bernstein says funding for the program is generated from out-of-state tuition and university cost containment.

The university says the program will not reduce need-based financial aid for students who parents earn more than $65,000.