The cherry on top is that Stanford also announced it was expanding financial aid. The university said that no parents with an annual income and typical assets of less than $125,000 will have to pay a single cent toward tuition. The threshold for this aid was previously $100,000.
Stanford also said it will offer free room and board -- in addition to free tuition -- for those making less than $65,000, raised from the previous $60,000 threshold.
Without financial aid, annual costs for a typical Stanford student-run about $65,000, including yearly tuition at more than $45,000.
For more information, please click here.