Taking a welfare measure, Stanford University has increased the financial aid for those who can’t afford. While undertaking an admission process for the class of 2019, the university announced the measure for the families with an annual income below USD 125,000 and typical assets. They are not expected to pay tuition fees.
The admission has been offered to 2,144 students, which includes 742 applicants accepted under the early action program in December, 2014.
The purpose of providing a financial aid is to make the education inclusive. Therefore, the university has increased the income thresholds of the parents. If the parents have an annual income below USD 125,000 and typical assets, they shall be exempted from paying tuition fees.
There will also be no obligation on parents to provide tuition and boarding fees if their annual income remains below USD 65,000 and typical assets.
John Etchemendy, Provost, Stanford University said, “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.” The reason is clear. The university wishes to make education inclusive and affordable. When the annual cost at Stanford is USD 65,000, one definitely finds the measure enabling.
There is also provision for families with slightly higher level of income, typically up to USD 225,000. If there are more than one family member enrolled in college education, then they might qualify for the financial aid. It’s a believable fact that 77 percent Stanford graduates have no student debt at the time of their graduation. That makes a lot of sense why the university is taking such measures.
One also needs to understand that the Stanford University is not the only institution to extend such welfare measures. Premiere schools like Harvard has the similar viewpoint. At Harvard, parents below the annual income of USD 65,000 don’t contribute a single a penny. Only the families who have annual incomes between USD 65,000 and USD 150,000 are expected to contribute 0-10% of their total income.
Furthermore, Princeton University doesn’t allow parents below the annual income of USD 140,000 to contribute the tuition fee. They only contribute a small percentage of the room and boarding. Families below the annual income of USD 60,000 don’t pay the tuition and boarding expenses.
With the competition getting tougher to get into the Stanford University, which came fourth in U.S. News and World Report’s national university rankings, one wonders how the benefit can reach everyone. For its class of 2019, it has allowed only 5% applicants to take admission out of the total 42,487 application pools. And, in that small portion of the students those got a chance to build their career in Stanford, 16% of them are the first in their families to attend college. Miracle!
The 2019 class consists of students from 50 states and 77 countries. Students admitted to the prestigious Stanford University must accept the offer letter on or before May 1, 2015.
For more information go through Stanford university’s page.