The William & Mary Promise is a no-loan program that began in 2013. To receive this award, students must be residents of Virginia. For all current students accepted after 2013, tuition is guaranteed for all four years of admission. For all incoming students, tuition is now frozen for four years, but not guaranteed. The amount of last-dollar tuition assistance is dependent upon a students' household income. To receive this award, students must be enrolled at the College of WIlliam and Mary. The program is funded by the William and Mary Board of Visitors.