MADISON, Wis. (AP) — The University of Wisconsin System is launching a new tuition waiver at its 12 regional campuses.

The program, dubbed the Wisconsin Tuition Promise, is modeled after the Bucky’s Tuition Promise program at UW-Madison.

Beginning this fall, Wisconsin residents who come from families making less than $62,000 a year will have any tuition and fees remaining after receiving financial aid waived.

Undergraduates will be eligible for the waiver for eight semesters. Students seeking associate degrees and transfer students would be eligible for the waiver for four semesters.

The discount works out to an average of $4,500 per student over four years. System officials plan to fund the program’s first year at $13.8 million and seek state aid for subsequent years.

Students will be automatically considered for the Wisconsin Tuition Promise when they apply for federal financial aid.