Stanford joined many other elite universities to boost financial aid to middle and upper-middle-class families.
A summary to the new provisions:
1) Parents earning under $100,000 don't pay tuition.
2) Those earning under $60,000 don't make any contribution to the cost of the child's education which means free room and board.
3) Loans eliminated from financial aid packages.
4) Amount of home equity considered in needs assessment capped at 1.2 times annual income.
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