Indiana University students who graduate within four years could pay less tuition than those who take longer under a plan unveiled this week by President Michael McRobbie.

The on-time completion award program will freeze tuition for students after their sophomore year if they are on track to graduate in four years.

The program takes effect next fall. It will provide eligible students financial awards equal to any increase in tuition and fees that they would otherwise incur during their final two years at IU.

Students who receive the award and fail to graduate in four years would pay current tuition and fee rates for the additional time at IU.

McRobbie says the program signals the university is serious about keeping college affordable and ensuring that students graduate on time.