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Stanford announced last week that it was expanding financial aid, making tuition completely free for students whose parents have an annual income and assets totaling less than $125,000. Previously, the threshold for free tuition was an income below $100,000.

The university also announced that room and board would be free for families making less than $65,000 in a year, increased from the prior benchmark of $60,000.

The school’s total cost of attendance is around $65,000 without financial aid. Stanford’s new financial aid policy is similar to those of Harvard and Yale, where all costs of attendance are taken care of if a family makes less than $65,000. At Princeton, families do not pay for tuition when they make less than $140,000, while room and board costs are free when yearly income is less than $60,000.

In a statement, Stanford provost John Etchemendy said that the school’s “highest priority is that Stanford remain affordable and accessible to the most talented students, regardless of their financial circumstances.”

Read more at CNN.

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