Jeff Yass Funds Tuition-Free Future at University of Austin with $100 Million Gift

Billionaire Jeff Yass, a prominent political donor and strong supporter of private education, has contributed $100 million to the University of Austin to provide free tuition to all students indefinitely.

The University of Austin, a small private institution established in 2021 by those critical of contemporary higher education, revealed the donation last month but disclosed Yass as the donor only this week. The school stated that the donation guarantees its students can pursue their education without incurring debt while also maintaining the university's independence from government funding.

“I really appreciated the concept of launching a ‘free speech’ school,” Yass expressed Wednesday in an email to The Texas Tribune. “The sole requirement is that the school does not accept government funding.” We aim to demonstrate that philanthropists can effectively replace government in financing education, provided we manage our operations efficiently.

Yass, co-founder of Susquehanna International Group in Pennsylvania, has emerged as a significant influence in Texas politics. In the last two years, he contributed $10 million to Gov. Greg Abbott, with a substantial portion directed to Republican lawmakers who opposed Yass is currently advocating for private-school voucher legislation. This spring, the campaign succeeded when state lawmakers approved a $1 billion voucher program.

Currently, Yass is concentrating on higher education, where discussions surrounding free speech, diversity initiatives, and academic freedom have become more pronounced. Located just a few miles from the University of Austin, the University of Texas at Austin is considering a new federal agreement that would connect research funding to the policy goals of the Trump administration regarding campus speech and gender definitions.

The University of Austin, on the other hand, highlights Yass’ donation as evidence of its ability to succeed independently of government funding. The school's president, Carlos Carvalho, announced that the $100 million commitment marks the start of a $300 million fundraising campaign aimed at preserving tuition-free education for future generations.

“The success of our students and their philanthropic contributions to us are integral to our future,” Carvalho stated.

The university has secured $50 million from Yass, with the balance anticipated over the upcoming four years. The funding will support tuition for approximately 150 enrolled students and enable the school to grow to a capacity of 400-500 students.

The university, having welcomed its inaugural undergraduate class in 2024, provides a four-year bachelor’s degree in liberal studies. The admission process is merit-based, providing automatic acceptance to those applicants who achieve high scores on standardized tests.

Carvalho stated that the university will continue to operate from its downtown Austin location rather than build a large campus, highlighting efficient operations and the importance of donor support.

The donation for Yass is part of his larger initiative to transform education via private funding. “Philanthropists have the potential to take on the role of the government in financing schools,” he stated. “We simply need to maintain strict control.”

‍