Higher Ed Costs

[Richard]

This is an impressive effort on the part of some of our major universities to attract and aid some of our best and brightest.

Stanford Offers Rree Tuition For Families Making Less Than $125,000

Last week, 2,144 teenagers got the news they'd long dreamed of: they got accepted to Stanford University.

The cherry on top is that Stanford also announced it was expanding financial aid. The university said that no parents with an annual income and typical assets of less than $125,000 will have to pay a single cent toward tuition. The threshold for this aid was previously $100,000.

Stanford also said it will offer free room and board -- in addition to free tuition -- for those making less than $65,000, raised from the previous $60,000 threshold.

Without financial aid, annual costs for a typical Stanford student run about $65,000, including yearly tuition at more than $45,000.

"Our highest priority is that Stanford remain affordable and accessible to the most talented students, regardless of their financial circumstances," Stanford provost John Etchemendy said in a statement.

As it stands, the school said that 77% of its undergraduate students graduate with no student debt.

Stanford, which came in fourth place in U.S. News and World Report's national university rankings, admitted just about 5% of applicants. A record 42,487 students applied. About 16% of the admitted class are the first in their families to go to college.

Stanford isn't the only elite school to offer such financial aid packages. At Harvard, parents making less than $65,000 are not expected to contribute. Families making between $65,000 and $150,000 contribute from 0-10% of their income.

Like Harvard and Stanford, Yale parents making less than $65,000 do not have to contribute to tuition. Beyond that, Yale subtracts a family contribution from the cost of tuition, room and board, books and personal expenses, and will meet 100% of demonstrated financial need.

At Princeton, parents making less than $120,000 do not pay tuition. Those making less than $60,000 are covered for tuition, room and board. Those making between $60,000 and $120,000 only pay a percentage of room and board. The percentage is higher for those whose income is lower.

http://money.cnn.com/2015/04/01/pf/college/stanford-financial-aid/index.html

Richard

[Razor]

Wow, that's great that the school is cutting into its profit to provide these students with a very low cost education...wait, what was that...the school isn't taking this out of hide, but rather simply charging other students more for their tuition and room & board to cover the cost...so you mean to say this is just another feel good story that is bought and paid for by those that have worked hard and made financial sacrifices in their lives in order to not be completely destitute...I'm shocked, I say, shocked! :rolleyes:

[Richard]

...charging other students more for their tuition and room & board to cover the cost...so you mean to say this is just another feel good story that is bought and paid for by those that have worked hard and made financial sacrifices in their lives in order to not be completely destitute...

I don't think that's what is happening - endowments, alumni donations, etc have a major impact on supporting a school's goals in such board-driven matters, especially in the private school sector.

Richard

[1stindoor]

...- endowments, alumni donations, etc have a major impact on supporting a school's goals in such board-driven matters, especially in the private school sector.

Richard

While technically that's true; it's also very true that a parents EFC number greatly affects how much school based financial aid you'll be offered. So save and scrimp and do without and put aside wants and needs to provide money to a college savings plan...and be penalized for it. Spend everything and live beyond your means and be rewarded with lowered or no out of pocket tuition costs. I have one, finishing up her freshman year in a public state supported university using my post 9/11 GI Bill, and one that's about to graduate HS and go to a private university.

[Razor]

Having recently gone through the FAFSA process, in addition to drawing upon several conversations over the years with friends that work in a couple of the local colleges' comptroller offices, I stand by my sarcastic but (IMO) accurate characterization above. Endowments, donations, grants and other funding sources contribute to programs such as that in the OP, but much of the funding comes from schools playing their own version of Robin Hood.

[Richard]

And when you've got a world ranking and alumni donor pool like this...

#7: Stanford University

The western-most university to crack the top 10, Stanford University, located in Stanford, Calif., has been a steady climber in the QS rankings — rising 12 spots since 2007. The university’s growing prestige is tied to its strong academic programs in math and science, including the top statistics department in the world. It comes as little surprise, then, that Stanford is the alma mater of at least 30 living billionaires, as well as 17 astronauts.

http://www.csmonitor.com/World/Global-Issues/2014/0916/World-rankings-Top-10-universities-in-2014/7-Stanford-University

Richard

[mark46th]

"The western-most university to crack the top 10, Stanford University, located in Stanford, Calif., has been a steady climber in the QS rankings — rising 12 spots since 2007. The university’s growing prestige is tied to its strong academic programs in math and science, including the top statistics department in the world. It comes as little surprise, then, that Stanford is the alma mater of at least 30 living billionaires, as well as 17 astronauts."

...and Condoleeza Rice is a professor at Stanford.