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.”
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