An update today from Stanford University reflects the continued changes that are taking place in financial aid programs as the cost of a private education soars, and endowments continue to grow. Public pressure has intensified to adjust financial aid programs to reflect these large endowments, and many institutions are making similar announcements.
"Stanford University today announced the largest increase in its history for its financial aid program for undergraduates.
Under the new program, parents with incomes of less than $100,000 will no longer pay tuition. Parents with incomes of less than $60,000 will not be expected to pay tuition or contribute to the costs of room, board and other expenses.
The program also eliminates the need for student loans.
Other significant enhancements have been made to the program that will benefit aid recipients at all levels of income. "
Read more details on their website.
