Stanford will develop eligibility within the 2021-22 educational yr for a monetary help program that enables lower-income undergraduate households to pay no tuition, room or board, whereas protecting the schooling charge flat and implementing a modest enhance 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,” mentioned Board of Trustees Chair Jeffrey S. Raikes. “We’re protecting tuition flat for the approaching yr, and on the identical time the college will likely be preserving and increasing its enduring dedication to need-based pupil monetary help.”
Undergraduate tuition, set by the Board of Trustees this week, will stay at $55,473 for the 2021-22 educational yr. Normal graduate tuition additionally is not going to be elevated within the 2021-22 yr. Some skilled packages could have small will increase, which will likely be posted later within the yr on the registrar’s website.
The college is planning for a totally residential educational yr in 2021-22, with room and board prices for college kids in residence on campus growing 3.5%, which represents a $604 enhance to $17,860 for traditional undergraduate room and board. The rise will assist salaries for housing and eating staff, together with price will increase for meals and different working bills.
With the room and board enhance, and no change within the $696 necessary pupil well being payment, whole undergraduate prices for a totally residential pupil will enhance from $73,425 to $74,029 for the 2021-22 yr.
Growth of economic help
Stanford additionally will develop undergraduate monetary help for 2021-22. Households with incomes beneath $75,000 and belongings typical of that earnings degree will likely be anticipated to pay no tuition, room or board. At the moment, the coverage applies to these with incomes beneath $65,000.
The growth of eligibility is the third in a collection of steps to extend undergraduate monetary help lately.
Two years in the past, Stanford eliminated house fairness as an element within the monetary help calculation, benefiting many middle-income households. Final yr, the college elevated its full-tuition scholarship threshold from $125,000 in annual household earnings to $150,000, that means college students from households with incomes beneath $150,000 dwelling on campus obtain at the very least sufficient scholarship assist to cowl tuition prices. The latest step means households with incomes beneath $75,000 not solely can pay no tuition, but additionally can pay no room or board prices.
Stanford additionally has waived the summer season earnings expectation for all need-based help recipients subsequent yr because of the pandemic.
Many households with annual incomes above the $75,000 and $150,000 thresholds are also eligible to obtain scholarship assist from Stanford. Almost half of scholars obtain need-based help from Stanford, receiving college scholarship assist that averages greater than $52,000 per yr, various by earnings, household belongings, variety of relations in faculty and different components.
Particulars of Stanford’s undergraduate monetary help program can be found at https://financialaid.stanford.edu/undergrad/.