Stanford University has a new tuition plan, offering free education for students whose families make less than $125,000 a year and have less than $300,00 in assets. Additionally, families making less than $65K aren’t required to pay for room and board. [lead image via Getty News / Justin Sullivan]
It’s certainly a bold new plan that few schools will be able to match, but considering how freaking difficult it is to get accepted to Stanford in the first place it’s hard not to be a fan of the new policy.
The purpose of the plan is to not put a financial burden on the families of students, but it’s not giving students a completely free ride. The students are responsible for ponying up $5,000 a year from summer jobs, savings, and earnings.
Stanford has a reported endowment of $21 billion. The average median income of Stanford families in 2010 was around $125,000.
