Stanford Offers Free Tuition...Kind of

Effective next fall, Stanford will almost cover the cost of tuition for students whose parents' annual income is less than $100,000.

According to the San Francisco Chronicle, Stanford students whose families earn between $45,000 and $100,000 will pay no more than $15,500 a year and no less than $4,500. For those from families raking in more than $100,000, Stanford has a complicated formula that makes it cheaper to attend based on everything from their assets to whether they live in a high-cost area.

Theoretically, students with a family income of less than $60,000 will have room and board fees waived as well.

There is a catch however.

The Stanford News Service web site says: "Students will still be expected to contribute their earnings from work during the summer and academic year," i.e. nothin's ever really free.

I'm not entirely sure how many Stanford students the extra financial aid will affect.

The Washington Post says: "About a third of the university's 6,700 undergraduates are expected to qualify for the tuition break."

Stanford News Service says: "Three out of every four Stanford undergraduates currently receive some form of financial aid. When the new financial aid program is taken into account, the average family contribution for students receiving financial aid in 2008 will be reduced by 16 percent this year." Kinda vague. Kinda complicated.

The Chronicle says: The "largest financial aid package in [Stanford's] history will help at least 20 percent of undergraduates, or more than 1,330 students." But the Chronicle also says "roughly 42 percent of undergraduates get some form of need-based financial aid from the university." Stanford says it's more like 75 percent.

Derive what you will.

Next fall the price tag to attend the prestigious university for one year will be $47,212, once $11,182 for room and board is factored into the equation.

Now you've just gotta get in.

Stanford only admitted 10.3 percent of undergraduate freshman applicants in 2007; and a measley 1.3 percent of undergraduate transfer students.

AHHH so many numbers!

Portions of this blog courtesy of The Washington Post, the San Francisco Chronicle and Stanford News Service.