Bringing in a sigh of relief to thousands of students, Stanford University has decided to waive tuition fees for poor students. The lenient tuition fees policy of the Standford University, USA will make education affordable and accessible to students without having to take huge amounts in loan.
According to Provost John W. Etchemendy, the highest priority of Stanford remains providing affordable and accessible to the most talented students, regardless of their financial circumstances.
"Our generous financial aid program accomplishes that, and these enhancements will help even more families, including those in the middle class, afford Stanford without going into debt," added Etchemendy in his statement.
Who is eligible for lenient tuition fees policy of Stanford University?
Students whose families annual income is less than $125,000 will be exempted from tuition fees. Also students whose families assets does not exceed $300,000 are also eligible. Here, family assets includes home equity except retirement saving accounts.
Tuition fees at Stanford can go up tp $46,000 annually and accommodation charges can be approximately $14,000 per year.
However, for those students whose family annual income doesn't exceed $65,000 will not have to pay accommodation fees.
Stanford University will not exempt the entire fees. Students have to pay at least $ 5,000 by means of part-time jobs or summer jobs to the varsity.
Universities like Princeton, Harvard and Yale also waive tuition fees for those whose families annual income is less than $120,000 per year. Free accommodation is provided for those whose family income does not exceed $60,000 per year.
The primary objective of these universities by waiving fees is to provide education to poor students that is affordable and to prevent them from heavy education debt. The cost of education the USA has been increasing in the last ten years and will continue to be so.
Stanford University claimed that 77 per cent of its graduate students are debts free unlike most graduates from other universities in US which are debt ridden by the time they graduated.
The United State President Barack Obama had vouched to make community colleges free for high school pass-outs with good GPAs earlier this year. Some community colleges in states such as Tennessee and Chicago have adopted free tuition fees model in order to made education accessible to all.