Wow!
This is great news for working-class families with Stanford-caliber kids: The esteemed school is announcing today that it will stop charging tuition to students whose families earn less than $100,000 annually. Further, it will also waive room and board fees for those whose family income is less than $60,000 per year.
The San Francisco Chronicle reports: "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. That sum had begun to attract attention from lawmakers who want wealthy institutions to do more to reduce tuition costs."
The plan begins with the 2008-2009 academic year, when the university intends to up its annual endowment payment to 5.5 percent to fund the tuition assistance, Steve Rubenstein's story says.
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