February 20—
Last month in the Update, we told you about Yale University’s decision to trim tuition for families with financial need. Yale’s decision followed a similar move by Harvard, and now Stanford University has raised the bar for financial aid by lowering tuition barriers even further.
Todaythe school announced that it will waive tuition for students whose families earn less than $100,000 per year. Furthermore, it will not charge room and board for students whose families make less than $60,000 per year.
Financial aid for families who make over $100,000 will also be dramatically increased. Stanford’s tax-exempt endowment grew last year by 22 percent to a total of $17.1 billion.
As Sen. Chuck Grassley (R-Iowa) told the San Francisco Chronicle, “[Universities with tax-exempt endowments] are supposed to offer public benefit in return for the privilege of tax-exemption.” By easing the financial burdens of families, Stanford has made the right move.
The positive impact of this on students is also considerable. Studies have shown that graduates burdened with the debt from college loans are further delaying marriage and the start of a family, to our nation’s detriment. Other endowed universities should follow Stanford’s lead here.
Tony Perkins is the president of the Family Research Council. This item is excerpted from the Update that he compiles for the FRC .
