The Juilliard School, one of the world’s most prestigious conservatories, plans to go tuition free for all of its students, the school announced on Thursday, and has begun a $550 million fund-raising drive to finance the effort.

The tuition-free policy is meant to make Juilliard accessible to a broader range of students and to ease the burden on graduates hoping to pursue careers in the arts, where salaries can be meager. The fund-raising campaign will be one of the largest in Juilliard’s 120-year history.

“If a student can get into Juilliard — and it’s hard to get into Juilliard — it can’t be about the money,” said Damian Woetzel, the school’s president. “Money can’t be the determining factor of having the opportunity to come to Juilliard, to be in New York City at Lincoln Center, and to fulfill that dream that empowers art itself.”