Stanford University Waives Tuition When Family Income Less Than US$100,000 a Year. (February 21, 2008)

Stanford University's administration announced on Wednesday they would no longer charge tuition to students from families earning less than US$100,000 a year.

In addition, for students whose families earn less than US$60,000 a year, the university will not charge for tuition, room and board or additional expenses such as books and required equipment.

 According to Reuters:

In December, Harvard overhauled its financial aid system so that families earning up to US$180,000 a year would pay only as much as 10 percent of their income on annual tuition and fees.

Yale announced last month it would spend roughly 37 percent more of its own money from its US$22.5 billion endowment on financial aid for students and scientific research in 2008-2009.

Stanford has an endowment of about US$17 billion, which it plans to tap to pay for its new financial aid program. The university also plans a $200 million fund-raising effort to bolster the program.

Stanford University projects its undergraduate tuition for its 2008-2009 year at US$36,030, with room and board an additional US$11,182.