Stanford University will not charge students whose annual family income is less than $100,000 tuition fees. It is expected that the new financial aid program will reduce the average bill for student tuition by 16 percent.

The San Francisco Chronicle reports that “the university is making the change in the wake of published reports last month that its endowment had grown almost 22 percent last year, to $ 17.1 billion.”

To pay for the new tuition assistance, the university said it will increase its annual endowment payout to 5.5 percent. The new plan, which begins in the 2008-09 academic year, eliminates the need for student loans for qualifying students.

Newser quotes the president of the university, John Hennessy, commenting on the new financial aid program.

“No high school senior should rule out applying to Stanford because of cost.”

According to Digital Journal, the new program will also waive room and board fees for students whose families earn less than $ 60,000 a year.

Thanks to this plan, students don’t have to worry about loans to get into this university. Instead of working while going to school to pay for the debts, they can now focus more on school work.

Photo: © rasudduth

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