Stanford raises undergraduate tuition 3.5 percent, continues financial aid commitment for 2013-14 school year
The Stanford Board of Trustees has approved a 3.5 percent increase in undergraduate tuition for the 2013-14 academic year, and reaffirmed its commitment to keeping a Stanford education accessible and affordable through need-blind admission and its generous need-based financial aid program.
Total undergraduate charges will increase to $56,411 next year, including $42,690 for tuition and $13,166 for room and board. For undergraduates from households with incomes of $100,000 or less, tuition would be fully covered by financial aid under the university’s financial aid program, now in its fifth year. Those with incomes below $60,000 pay no tuition, room or board.
Stanford has almost doubled its funding for need-based financial aid since 2007 and is providing $130 million in need-based aid this year. Thanks to substantial increases in financial aid, the net cost of attendance in 2012, adjusted for inflation, remains largely unchanged since 2001.
“Throughout the economic challenges of the past several years, Stanford has not wavered in its commitment to generous financial aid to assure that the brightest students can attend Stanford, regardless of their financial circumstances,” said Steven A. Denning, chair of the Board of Trustees. “Our objective remains to preserve access to a world-class education for all students.”
Denning emphasized that Stanford’s need-based financial aid program for undergraduates remains a university priority. About 70 percent of undergraduates receive financial aid toward the cost of attendance from internal or external sources, and about 50 percent receive need-based scholarships from Stanford. This year, more than 3,400 Stanford undergraduates are receiving need-based financial aid.
Under the Stanford program established in 2008, parents making less than $60,000 a year are not expected to pay tuition or to contribute to the costs of room and board and other expenses. Families making less than $100,000 a year do not pay tuition. Families with significantly higher incomes may also qualify for assistance depending on their individual circumstances. Students are expected to pay a portion of their college costs from summer jobs and part-time campus jobs during the school year, but loans are not required.
The financial aid program helps ensure that most Stanford undergraduates leave the Farm free of student loan debt.
Seventy-five percent of the Class of 2012 graduated debt-free, said Karen Cooper, director of financial aid at Stanford. Of the 25 percent who graduated with some debt, the median amount was $11,632 – half of the students owed more and half owed less.
Read the entire press release from the university here.