Syracuse University met its goal to raise $40 million for scholarships and financial aid, SU announced on Wednesday.

The university raised the money through Invest Syracuse, a $100 million academic fundraising initiative, six months ahead of schedule, according to a Wednesday SU News release. SU will seek additional funds to create more scholarships, invest in need-based aid programs and reduce loan debt at graduation, per the release.

Invest Syracuse was created in 2017 to improve SU’s academics, student life and financial aid opportunities. SU has already finished some initiatives, including the Euclid Shuttle, the Graham Fitness Center and hiring more staff at the Counseling Center.

The $40 million investment in financial aid is designed to allow SU to offer more competitive aid packages than other universities and to reduce the number of students who choose another university because of SU’s cost, according to the Wednesday release.

SU created a $3,300 tuition premium for freshman who started at SU in fall 2018 — making the total tuition estimate $50,320. The premium will fund $30 million of the total $100 million Invest Syracuse goal. Sixteen of SU’s peer institutions charge more than $50,000 in tuition per year.

About 75% of SU students received some type of financial support in the 2017-18 academic year, according to SU’s admissions website.