Stanford University announced last week that tuition will be free for students whose families earn less than $125,000 a year. The standard had been $100,000. Students whose families’ annual incomes are lower than $65,000 will also be exempt from paying room and board, up from the current $60,000 cutoff.
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“Our highest priority is that Stanford remain affordable and accessible to the most talented students, regardless of their financial circumstances,” Provost John Etchemendy said in a statement.
This financial aid expansion, however, should not be expected across all U.S. colleges, according to a Vox.com report. Stanford is able to fully subsidize the tuition of these students because of the high number of wealthy students who attend. It is also one of the richest universities in the world with an endowment of $21 billion, the report said.
The Palo Alto, California, campus is nicknamed the Farm because it’s located on what had been the farm of founders Leland and Jane Stanford.
This post originally appeared on CNBC.com.
Fred Imbert