Stanford's Tuition Is Now Free For Families Making Under $125,000 A Year

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,

Our highest priority is that Stanford remain affordable and accessible to the most talented students, regardless of their financial circumstances... ...these enhancements will help even more families, including those in the middle class.

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.

Citations: http://www.vox.com/2015/4/1/8328091/stanford-tuition-financial-aid (Vox)