In an attempt to attract more foreign students, Dartmouth College in New Hampshire says it will admit international students regardless of their ability to pay tuition.
International students will be admitted through a "need blind" process used for U.S. students.
The college charges about $80,000 per year for tuition and accommodation.
"Talent is spread all across the world," college president Philip Hanlon told the Financial Times. "We want to remove any financial barriers. This move benefits every student on campus, not just international ones. Tomorrow's leaders have to be global citizens. By us bringing together students from all over the world ... they will learn from their peers."
A variety of factors has led to decreased numbers of international students applying to U.S. colleges. These include rising costs, stricter visa policies and the COVID-19 pandemic.
Dartmouth said its most recent class took in 14% international students, compared to 8% in 2013 when Hanlon took charge.
A handful of other universities is taking similar measures.
In the Dartmouth College statement, Hanlon said that while there was no target, he expected "international applications will skyrocket" and would not be surprised if the proportion reached 25 percent in the coming decade.
"Dartmouth has stepped up recruitment abroad, diversifying from students often drawn from richer families in Canada, Europe, China and India to offer financial aid to those from countries such as Kenya, Vietnam and Brazil," the report said.