The University of Colorado Boulder announced Thursday that it is expanding a financial aid program that aids lower income students, ABC News reported.

University officials said that the school's CU Promise program will be expanded from supporting 400 students to approximately 600 students, according to a press release.

"Last year the CU Promise program provided support to 400 highly qualified undergraduates who otherwise would have found it very difficult to attend the university. Our commitment to expanding the program stems from our belief that a college education is the central ingredient for financial stability and lifelong success and that these dollars are key investments in students whom we believe can succeed," Philip DiStefano, the university's chancellor, said in a statement.

The CU Promise program gives eligible Colorado residents from low-income families a financial aid package that includes enough grants and work-study to cover the students' share of tuition, fees and estimated book expenses. In addition, the expanded program will provide 10 semesters of support, which will encourage timely graduation and completion rates.

The extension of the program will provide support to an additional 125 low-income students during the summer term to "to keep them on track to timely degree completion," the university said. It will also provide grants to low-income students who do not have sufficient credits to progress to the junior level by the end of their sophomore year, and who would benefit from taking one or more classes during the summer months to catch up.

"We're proud to say that the program expansion will now serve all those Colorado resident students who can demonstrate eligibility for Federal Pell Grants," DiStefano added. "This will make CU Promise available to a population of excellent, high-achieving students who could use additional support, but previously did not have access to the program."

DiStefano added that the extension of the program will increase the university's graduation rate from 68 percent to 80 percent by 2020.