A new University initiative aims to eliminate the loan burden for low-income students.

The “Illinois Promise” program will raise money from corporations and private donors to help poor students get a diploma with no student debt, Interim Chancellor Richard Herman said on Monday at a press conference to announce the initiative.

Starting next school year, incoming freshmen who meet the program’s criteria will have their tuition, fees, books and room and board covered by the program. To be eligible, students must be Illinois residents who come from families at or below the poverty level and expect no contribution from their family for educational expenses, according to a University press release.

Currently, low-income students can receive money for college from Pell grants, MAP grants, other University grants, work-study and student loans, Herman said. While these options will still be available, “we’re trying to take away that loan burden” with Illinois Promise, he said.

Herman said the program, which could cost up to $2 million a year, helps fulfill the University’s mission of offering all Illinois residents a college education.

“I think the issue of drawing talent from all socioeconomic backgrounds is the goal,” he said.

In particular, Herman said one of the program’s goals will be to help reverse a recent decrease in minority enrollment.

The program is among the first of its kind in the country, Herman said. Similar initiatives have already been established at the University of North Carolina-Chapel Hill, the University of Maryland and several Ivy League schools.

Herman said he expects about 125 students to participate in the program next year. Eventually, Herman said, he hopes to increase that number to 600.

According to Herman, Danville businessman Lou Mervis has already contributed $250,000 to the program.

Several University students also spoke at the press conference about the new program.

“I really think this is a great opportunity,” Dacia Hobson, senior in LAS, said. “We’ve been pushing as a university for diversity and multiculturalism, and I truly believe that this is really going to put a step in the right direction because so many minority students would love to come to the University of Illinois, but just don’t have the financial backing and support.”

Jed Schuldt, senior in LAS, said Illinois Promise will help make it easier for low-income students to attend the University.

“I think a lot of times it’s, you know, take a couple years off, save money or go to community college and then try a four-year institution,” Schuldt said. “I think it would definitely help those students that are discouraged by the whole process.”