Stanford waives tuition for students whose parents make less than $125K

WHO doesn’t like free college?

If you’re an accepted, incoming student at Stanford University whose parents make less than $125,000 a year, you’re in luck.

For the first time in history, the top-tier school in Palo Alto, Calif. will offer free tuition to those eligible students who come from households with an annual income below $125K—just 5 percent of this past year’s applicants.

Tuition at Stanford normally costs about $65,000 a year to attend.

Previously, the financial aid package capped at $100,000 households. The expanded package was announced after Stanford’s Board of Trustees recently approved a 3.5 percent increase in tuition, and includes room and board. Households with incomes below $65,000 will not be expected to pay, up from the $60,000 cap that was put in place for the 2008-09 school year.

“Our highest priority is that Stanford remain affordable and accessible to the most talented students, regardless of their financial circumstances,” said Provost John Etchemendy. “Our generous financial aid program accomplishes that, and these enhancements will help even more families, including those in the middle class, afford Stanford without going into debt.”

For the incoming Class of 2019, Stanford accepted 2,144 of 42,487 applicants, the largest pool in Stanford’s history. In December, 742 were accepted through the early action program. Sixteen percent of those accepted are first-generation students.

Eligible students will be expected to contribute $5,000 a year towards their own educational expenses, through summer or part-time work.

“This expansion of the financial aid program is a demonstration of Stanford’s commitment to access for outstanding students from all backgrounds—including not only those from the lowest socioeconomic status, but also middle- and upper-middle class families  who need our assistance as well,” said Associate Dean and director of financial aid Karen Cooper.

Stanford is updating its main financial aid benchmarks for all undergraduates for the coming 2015-16 school year, making it easy for prospective students to understand the possibilities of getting financial support from the university. According to the school’s official statement, parental contribution toward tuition is expected for those with annual incomes below $125,000 and typical assets, and no parental contribution toward tuition, room or board expected for those below $65,000 with typical assets. Scholarship or grant funds will also be provided to cover these costs in lieu of a parental contribution.

With the financial aid expansion, admitted students have until May 1 to accept Stanford’s offer.

“Over half of our undergraduates receive financial aid from Stanford,” said Etchemendy, “and we are pleased that this program will make it even easier for students to thrive here.”

(With reports from CBS News and USA Today)

(www.asianjournal.com)
(LA Weekend April 11-14, 2015 Sec. A pg.9)