Rutgers University-Camden will launch a new financial aid program that will help New Jersey students and families dramatically reduce college costs, school officials announced Monday.

The first of its kind among New Jersey's public four-year colleges and universities, "Bridging the Gap" will dramatically reduce New Jersey families' college cost by waiving tuition in full or by half. The new financial support program will also provide access to a world-class Rutgers degree within a supportive campus environment.

"Bold moves are necessary to counter the real debt challenges that face college graduates across the nation. This Rutgers-Camden initiative is an innovative response that is structured to help ensure that every New Jersey student and family seeking a world-class Rutgers education can do so right here in South Jersey," Rutgers-Camden Chancellor Phoebe A. Haddon said in a statement. "Our program offers a pathway to achieve a Rutgers degree regardless of socioeconomic status. This is the historical promise of American higher education system, and it is our commitment here at Rutgers University-Camden to make certain that we prepare New Jerseyans for success and without serious debt."

Students graduating from high school in 2016, who are U.S. citizens (or legal permanent U.S. residents) and residents of the State of New Jersey, and who are seeking to enroll at Rutgers University-Camden next fall can apply for this program by completing the 2016-17 Free Application for Federal Student Aid (FAFSA). 

Families with an adjusted gross income (AGI) of $60,000 or less will receive a grant covering all of their tuition and the general campus fee not already covered by federal and/or state grants.  Families with an AGI of $60,001 to $100,000 will receive a grant covering 50% of their remaining tuition and the general campus fee after any other need-based federal and/or state grants are applied.

Through this program, student loan debt carried by Rutgers University-Camden students during their time as students and for years after graduation will be greatly reduced; for many families, it may be avoided. 

The "Bridging the Gap" program is offered exclusively to New Jersey residents who will be new first-year undergraduate students enrolling full-time in degree programs on the Rutgers University-Camden campus.  Students may renew their "Bridging the Gap" grant annually provided that they successfully complete 30 credit hours in an academic year and remain in good academic standing.  It is not transferrable to other Rutgers campuses or off-campus Rutgers programs.

During the 2013-14 aid year, 72 percent of all undergraduate students at Rutgers-Camden took out loans to cover their educational cost.  According to Craig Westman, associate chancellor for enrollment management at Rutgers University-Camden, "'Bridging the Gap' was created to substantially lower that amount and to allow students to begin their careers and advance their lives without long-term debt.