As tuition has risen 120% in the last 20 years, attending a University something most don’t even consider. When one adds up room and board, tuition, food, travel, books, and the additional expenses, it can be truly daunting.
In my own case, although my parents both had great jobs, their own student loans kept them from supporting me as much as they would’ve liked. Due to their income on paper, I was not afforded any financial aid and was forced to take out loans and work three jobs.
Stanford is following the trend of a few institutions deciding to offer free tuition for admitted students, who qualify academically. If they come from a home with less than a combined income of $125,000 per year, the $46,000 tuition will be covered by a $21 billion endowment. As long as their parents equity is below $300,000 including savings and any homes owned, the students will be admitted free of charge. The only requirement is that they contribute $5,000 per year by working or saving up their own monetary contribution.
Harvard and Princeton have already adopted similar plans, allowing admitted students with financial hardship to attend free of charge. Imagine the opportunity this could allow an otherwise discouraged college hopeful. We may even one day reach a time where tuition is free of charge for all.
With all the advancements we have made within our country, this may be just the driving force we need to continually enrich the minds of the youth which will shape our future. Only time will tell, just how much this new development influences other learning institutions. For more, be sure to subscribe to #SweetCandor TV.