Stanford University Revamps It’s Free Tuition Policy

Per Bryce Covert from thinkprogress.org Stanford University has recently announced that accepted students without a high income will essentially be tuition free. The basic requirements are that the student’s family make less than $125,000 a year, while having assets worth $300,000 or less, whether it be home equity or any additional money in investment portfolio’s, businesses, etc. Any student that falls under this category will not have to stress over how they are going to pay for the $46,000 tuition at the popular institution. Not only is there an opportunity for students to not pay tuition, but if a students family make less than $65,000 they also won’t have to pay for room and board, which amounts to additional savings over $10,000. The previous price thresholds were $100,000 for free tuition and $60,000 for free room and board. A very generous increase of $30,000 total to cover for potential Stanford students, which is made a lot easier to follow through on considering the fact that Stanford has an endowment of $21 billion.

Although free tuition is easily accessible for those who are accepted, students will still have to contribute at least $5,000 a year on their own whether it be from work, savings, additional scholarships, etc. While giving students the ability to go to school for free (Like other developed countries in the world) Stanford claims that 77 percent of their undergraduates leave college debt free. Which is obviously a huge contrast to the 70 percent of college students in the US overall that graduate with debt, with an price average of $29,000. Although this may seem extremely rare, the option of free tuition has actually been a growing trend with some of America’s most prestigious Universitites. Other popular private universities that offer free tuition are Princeton, Harvard and Yale.

The price of college has been a popular topic as the National Student Debt has risen well over $1 Trillions dollars. Because there are no more trade schools for middle & high school age kids, the need to acquire an education higher through college has drastically increased just to be able to compete in the current job market. However, because education is not free past high school, families all across the country are put in compromising positions to either go further into debt for the sake of their child’s future, or allow them to try and compete economically in a technologically advancing society with only a high school level education. As great as the free tuition is for these select few Universities, it’s a mere band-aid solution for a financial debt thats cut so deep that it has the potential to develop over time into an economic disaster very similar to the sub-prime mortgage crisis in 2007. Hopefully it never gets to that point, and who knows maybe we can manage to get a college to offer a free tuition that has an acceptance rate of less than 10 percent. One can only dream……