Stanford University has announced that it will offer free tuition to all students whose families make less than a combined $125,000 a year. Even better, the school has said that students whose families make less than $65,000 will be exempt from having to pay for room and board. The announcement means that any low-income student accepted into the school would be attending one of the best colleges in the country for free.
Stanford has actually been subsidizing low income students for a while now. The most recent announcement means the college is making it even easier for low income families. As CNBC points out, Stanford’s cutoff used to be $100,000 when it came to free tuition and it would pay for students’ room and board if their families made less than $60,000. Nonetheless, the increase to both limits is a welcome change.
Before people get too excited about this being a trend that could occur among other colleges, they need to realize that there are few schools that are able to afford this kind of program. Stanford has among the richest student bodies in the country and their endowment approaches $21 billion per year. That kind of operating budget allows for discounts on those who are not wealthy.