Instead of drowning students in accumulating loans, Stanford University wants to ease the financial burden for those who've always dreamed of walking through its hallowed halls.
According to a press release, the top-tier school just announced an expansion of its financial aid package; it will now provide free tuition to students with parents who make less than $125,000 annually.
That's a $25,000 hike from the university's previous policy.
For parents with an income below $65,000, Stanford will also waive costs associated with room and board.
The students will, however, be expected to work part-time and contribute $5,000 per year, reports Vox, with or without the aid of their parents.
In a statement, Provost John Etchemendy said,
Vox notes the school is attempting to reach out to middle-class families who miss the cutoff for federal grants usually reserved for low-income students.
It attributes the generosity of the new plan to Stanford's wealthier students, who pay full tuition, and the school's $21.4 billion endowment.
It's worthwhile to note Stanford isn't the only high-level university offering hefty financial support, either: Princeton and Harvard, among others, already have slightly less generous plans in place.