Stanford University in Palo Alto, California, was founded in 1891 and is one of the world’s leading research universities. Academic excellence is demanded from students and this is considered far more important than an ability to meet the costs of attending. The University states students who appreciate learning for learning’s sake will thrive at Stanford.
Stanford is one of the universities which offers need blind admissions, meaning that family income is disregarded in the application process. All qualifying students with demonstrated financial need will be given necessary aid to ensure Stanford is affordable.
The current total estimated costs of attending Stanford are $55,385 of which tuition accounts for $38,700. Funding the costs is seen as an equal partnership between the student, their parents and the university. The expected family contribution is made up of both an expected student contribution and parental contribution. Financial aid is assessed as the difference between the costs of attending and the expected family contribution.
Families with an annual income lower than $60,000 will not be expected to make a parental contribution, although the student must still meet the expected student contribution. Those families with an annual income below $100,000 will only be expected to make a low parental contribution and all tuition costs will be met by institutional aid and other aid with no need for student loans.
Families with annual incomes of $100,000 – $200,000 may still qualify for assistance. Expected family contributions are determined by family assets, the number of other children attending private school or college, and family assets including savings. Retirement savings are not considered, and whilst home equity is considered it is capped at 1.2 time’s annual income.
All students are expected to make a minimum contribution annually towards the cost of their education, set at $4750. This comprises $2000 from earnings made primarily during the summer vacation, and $2750 from earnings whilst in college. Students who receive financial aid will qualify for the federal work study program. In addition each student is expected to contribute 5% of personal assets annually. Students may replace the amount expected from earnings whilst in college with either student loans or outside scholarships if they so wish.
Financial aid comprises work study, state grants, federal grants and institutional aid from the university in the form of Stanford scholarships. The level of aid offered directly from the university is only needs based and will be reduced if the student brings in outside scholarships.
It is advisable to make use of the financial aid calculator which Stanford provides to assess approximate levels of aid. In addition Stanford also provides direct access to the excellent NEFE cash course which is a great source of financial information for both students and their parents to utilize.
Altogether the financial aid package offered by Stanford is an excellent one which makes the University an affordable option for students who qualify for needs based aid.