Sallie, Who? Students From Families Who Make Under $125,000 Receive Free Tuition From Stanford University
In order to retain students who may not have the funds to matriculate or stay, Stanford University has launched an initiative for families whose incomes are less than $125,000 a year. And those whose families makes less than $65,000 a year will also have free room and board. Stanford’s Provost John Etchemendy shared in a statement:
“Our highest priority is that Stanford remain affordable and accessible to the most talented students, regardless of their financial circumstances. 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. Over half of our undergraduates receive financial aid from Stanford, and we are pleased that this program will make it even easier for students to thrive here.”
Stanford accepted 2,144 students into their freshmen class.
Besides the free tuition offer, the school has taken steps to lessen the financial stress parents and students feel by lowering the tuition for those who don’t receive financial aid to $65,000 a year. Those who benefit from these new financial aid initiatives will have to contribute $5,000 via part-time work, savings and summer income. Stanford does not expect students or their families to borrow loans in order to pay the yearly $5,000. Seventy-seven percent of their students will graduate with no debt.
Stanford is one of the wealthiest schools in the world with a $21 billion endowment, so this sort of generosity shouldn’t hurt the school’s pockets. Moreover, it can make a real difference in the lives of bright middle- and low-income students. Some students may not have accepted an invite from the college of their choice because of the financial aid package they received.