Stanford has joined the ranks of many selective universities across the United States, including Penn, by announcing an increase in the levels of undergraduate financial aid.
Under the university's new plan, students whose parents earn less than $100,000 a year will no longer be required to pay tuition. Students whose parents earn less than $60,000 a year will no longer pay tuition, room, board and other expenses.
Students will still be required to earn money for their education during both the summer and the school year.
According to a Stanford press release, the new program will eliminate the need for student loans.
The aid increase is the largest in the school's history.
"We are committed to ensuring that Stanford asks parents and students to contribute only what they can afford for an education we believe is among the absolute best in the world," Stanford President John Hennessy in a press release.
Under a plan the University announced late last year, Penn will start completely funding students whose parents earn less than $100,000 per year in fall 2008. Students who still qualify for financial aid will receive a 10 percent reduction in need-based loans. Starting in fall 2009, all students qualifying for financial aid will receive loan-free packages.
Other schools that have recently revamped aid packages include Harvard, Yale, Swarthmore and Haverford.
- Alyssa Schwenk
