Stanford Drops Tuition for Lower-Income Students

Tapping into its $17 billion endowment to boost financial aid, Stanford University said yesterday it will now offer free tuition—that's a $36,000 a year value—to students from families making less than $100,000 per year. Students from families that earn less than $60,000 won't have to shell out for room and board, either, the San Jose Mercury News reports.

"No high school senior should rule out applying to Stanford because of cost," the university president said. The school, following a trend at elite universities such as Yale and Harvard, also is eliminating school loans. Three of four Stanford students already receive financial aid, but the need-blind school hopes to entice an even wider pool of applicants by increasing its financial aid program from $76.5 million to $97.2 million. (More Stanford University stories.)