Stanford expands financial aid, keeps 2021-22 tuition flat
Stanford will expand eligibility in the 2021-22 academic year for a financial aid program that allows lower-income undergraduate families to pay no tuition, room or board, while keeping the tuition rate flat and implementing a modest increase in room and board charges.
“The pandemic has brought many students and families increased stress and uncertainty about their finances and their health,” said Board of Trustees Chair Jeffrey S. Raikes. “We are keeping tuition flat for the coming year, and at the same time the university will be preserving and expanding its enduring commitment to need-based student financial aid.”
Undergraduate tuition, set by the Board of Trustees this week, will remain at $55,473 for the 2021-22 academic year. General graduate tuition also will not be increased in the 2021-22 year. Some professional programs may have small increases, which will be posted later in the year on the registrar’s website.
The university is planning for a fully residential academic year in 2021-22, with room and board charges for students in residence on campus increasing 3.5%, which represents a $604 increase to $17,860 for standard undergraduate room and board. The increase will support salaries for housing and dining workers, along with cost increases for food and other operating expenses.
With the room and board increase, and no change in the $696 mandatory student health fee, total undergraduate charges for a fully residential student will increase from $73,425 to $74,029 for the 2021-22 year.
Expansion of financial aid
Stanford also will expand undergraduate financial aid for 2021-22. Families with incomes below $75,000 and assets typical of that income level will be expected to pay no tuition, room or board. Currently, the policy applies to those with incomes below $65,000.
The expansion of eligibility is the third in a series of steps to increase undergraduate financial aid in recent years.
Two years ago, Stanford removed home equity as a factor in the financial aid calculation, benefiting many middle-income families. Last year, the university increased its full-tuition scholarship threshold from $125,000 in annual family income to $150,000, meaning students from families with incomes below $150,000 living on campus receive at least enough scholarship support to cover tuition charges. The newest step means families with incomes below $75,000 not only will pay no tuition, but also will pay no room or board charges.
Stanford also has waived the summer earnings expectation for all need-based aid recipients next year due to the pandemic.
Many families with annual incomes above the $75,000 and $150,000 thresholds also are eligible to receive scholarship support from Stanford. Nearly half of students receive need-based aid from Stanford, receiving university scholarship support that averages more than $52,000 per year, varying by income, family assets, number of family members in college and other factors.
Details of Stanford’s undergraduate financial aid program are available at https://financialaid.stanford.edu/undergrad/.