Joining rivals Harvard and Princeton, Yale has announced its commitment to eradicate financial barriers for undergraduates from low-income families. Starting next fall, the university will not require financial contributions from families earning less than $45,000 per year. What's more, Yale says it will significantly reduce expected contributions from families in the $45,000-$60,000 income bracket.

Last year, Harvard revealed its policy of not requiring financial commitments from families earning less than $40,000 per year. Before that, Princeton promised to support all undergraduates through grant aid, thus eliminating the future burden of Student Loans.

You can read Yale's announcement here.