The University of Pennsylvania-No tuition

Another Ivy League school is joining an effort to boost the number of low and middle-income students at high-profile colleges.

The University of Pennsylvania will pay tuition and room and board for students whose families earn less than $50,000 a year.

The program follows through on Penn President Amy Gutmann's pledge to make an Ivy League education more accessible.

A 2003 study by The Century Foundation think tank said just three percent of students at the most selective schools come from the poorest socio-economic quarter of families, while 74 percent come from the richest.

Undergrads at Penn pay more than $32,000 in tuition and more than $9,000 in room and board per year.