Stanford waives tuition for families making below $125,000

Stanford University announced today that recently-accepted students whose parents have less than $125,000 in income or assets won’t have to pay anything toward tuition. And for those making below $65,000, room and board will also be free.

Previously, the threshold was $120,000 for waived tuition and $60,000 for waived room and board.

“Our highest priority is that Stanford remain affordable and accessible to the most talented students, regardless of their financial circumstances,” Stanford provost John Etchemendy said in a statement.

Stanford is not the only school with income-based waived tuition. According to CNN Money, at Princeton, parents making less than $140,000 do not have to contribute toward tuition, and parents making less than $100,000 only pay a percentage of room and board.

At Harvard, room, board and tuition is waived for parents making below $65,000, and those making between $65,000 and $150,000 pay between zero and 10 percent of their income. At Yale, parents making less than $65,000 do not have to pay Yale’s tuition.