Stanford recently announced that it is making changes to financial aid program to include more students. Currently, for a typical Stanford student costs around $65,000 without financial aid.
Previously , students of students from families with less than $100,000 annual income, need not contribute towards tuition fee. But they still need to pay for the hostel and other charges. Now this threshold is raised to $125,000 and typical assets.
In a big relief to few more families with less annual income, another change is proposed. Zero parental contribution from families with less than $65,000 income annually, which previously was $60,000 and typical assets.
“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. 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.”
Students are still expected to contribute towards their education expenses during from summer work, savings and campus work during school year.
Currently, 77% of the Stanford students leave campus without debt.
“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 Karen Cooper, associate dean and director of financial aid