In the 2021-22 academic year, Stanford University will expand eligibility for a financial support program that enables lower-income undergraduate families to pay no tuition, room or board, while keeping the tuition rate flat and introducing a modest increase in room and board fees.
It will not be expected to pay tuition, room or board at Stanford for undergraduate families with annual incomes below $75,000, up from the current $65,000 threshold. In 2021-22, general tuition won’t increase, while room and board fees will increase modestly.
The pandemic has brought increased stress and uncertainty about their finances and their health to many students and families,” said Jeffrey S. Raikes, Chair of the Board of Trustees.” “For the coming year, we will keep tuition flat and, at the same time, the university will maintain and expand its enduring commitment to student financial assistance based on needs.”
Undergraduate tuition, set by this week’s Board of Trustees, will remain at $55,473 for the academic year 2021-22. In the year 2021-22, general graduate tuition will also not be raised. Some professional programs may have minor increases, which will be published on the registrar’s website later in the year.
The university plans a fully residential academic year in 2021-22, with room and board fees for campus resident students rising by 3.5 per cent, representing an increase of $604 to $17,860 for standard undergraduate room and board. The growth and cost increases for food and other operating expenditures will support housing and dining workers’ wages.
With the increase in room and board and no change in the mandatory student health fee of $696, total undergraduate costs for a fully residential student will rise from $73,425 for 2021-22 to $74,029.
Financial Aid Enhancement
Stanford will also extend undergraduate financial support for 2021-22. No tuition, room or board will be expected to be paid by families with incomes below $75,000 and assets typical of that income level. The policy currently applies to those with revenues below $65,000.
In recent years, the expansion of eligibility represents the third in a series of steps to increase undergraduate financial aid.
Stanford erased home equity as a factor in financial aid calculation two years ago, benefiting many middle-income families. The university increased its full-tuition scholarship threshold last year from $125,000 in annual family income to $150,000, which means that students from campus-based families with incomes below $150,000 receive at least sufficient scholarship support to cover tuition fees. The latest step implies that families with incomes below $75,000 will pay no tuition and pay no room or board fees.
Stanford also waived the summer earnings forecast for all need-based aid recipients next year because of the pandemic.
Numerous families with annual incomes higher than the $75,000 and $150,000 thresholds are also eligible for Stanford scholarship support. Almost half of the students receive Stanford need-based aid, receiving support for university scholarships that average more than $52,000 per year, varying by income, family assets, college number of family members and other variables.
Stanford’s undergraduate financial assistance program details are available at https://financialaid.stanford.edu/undergrad/.