Stanford will broaden eligibility within the 2021-22 educational 12 months for a monetary assist program that enables lower-income undergraduate households to pay no tuition, room or board, whereas preserving the schooling price flat and implementing a modest improve in room and board prices.
“The pandemic has introduced many college students and households elevated stress and uncertainty about their funds and their well being,” stated Board of Trustees Chair Jeffrey S. Raikes. “We’re preserving tuition flat for the approaching 12 months, and on the similar time the college might be preserving and increasing its enduring dedication to need-based pupil monetary assist.”
Undergraduate tuition, set by the Board of Trustees this week, will stay at $55,473 for the 2021-22 educational 12 months. Normal graduate tuition additionally won’t be elevated within the 2021-22 12 months. Some skilled packages might have small will increase, which might be posted later within the 12 months on the registrar’s website.
The college is planning for a totally residential educational 12 months in 2021-22, with room and board prices for college students in residence on campus rising 3.5%, which represents a $604 improve to $17,860 for traditional undergraduate room and board. The rise will help salaries for housing and eating employees, together with value will increase for meals and different working bills.
With the room and board improve, and no change within the $696 obligatory pupil well being price, whole undergraduate prices for a totally residential pupil will improve from $73,425 to $74,029 for the 2021-22 12 months.
Growth of economic assist
Stanford additionally will broaden undergraduate monetary assist for 2021-22. Households with incomes beneath $75,000 and property typical of that revenue degree might be anticipated to pay no tuition, room or board. At the moment, the coverage applies to these with incomes beneath $65,000.
The enlargement of eligibility is the third in a sequence of steps to extend undergraduate monetary assist lately.
Two years in the past, Stanford eliminated dwelling fairness as an element within the monetary assist calculation, benefiting many middle-income households. Final 12 months, the college elevated its full-tuition scholarship threshold from $125,000 in annual household revenue to $150,000, which means college students from households with incomes beneath $150,000 residing on campus obtain not less than sufficient scholarship help to cowl tuition prices. The most recent step means households with incomes beneath $75,000 not solely pays no tuition, but in addition pays no room or board prices.
Stanford additionally has waived the summer time earnings expectation for all need-based assist recipients subsequent 12 months because of the pandemic.
Many households with annual incomes above the $75,000 and $150,000 thresholds are also eligible to obtain scholarship help from Stanford. Practically half of scholars obtain need-based assist from Stanford, receiving college scholarship help that averages greater than $52,000 per 12 months, various by revenue, household property, variety of relations in faculty and different elements.
Particulars of Stanford’s undergraduate monetary assist program can be found at https://financialaid.stanford.edu/undergrad/.