The Massachusetts Institute of Technology announced on Wednesday that students with family income below $200,000 can expect to attend the Cambridge institution tuition-free starting next fall.

The bulk of American households meet this income threshold, according to the university, which says the new policy will cover 80% of its incoming classes.

Additionally, students whose family income is below $100,000 will see their entire MIT experience paid for, including tuition, housing, dining, fees and an allowance for books and personal expenses.