Stanford Waives Tuition for Middle-Class Students

Stanford University says it will no longer charge tuition to undergraduates whose parents earn less than $100,000 a year. For students whose parents make less than $60,000, the university will also waive room and board costs.

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STEVE INSKEEP, host:

NPR's business news starts with a top university tossing out tuition. Stanford University says it will no longer charge tuition to undergraduates whose parents earn less than $100,000 a year. For students whose parents make less than $60,000, the university will also waive room and board costs. Now you just have to worry about the kid asking for money for a car.

Stanford is the latest elite university to make its classrooms more accessible. Last year Harvard adjusted its tuition system so that families earning up to $180,000 would only spend 10 percent of their income on tuition and fees. Yale also announced that it would spend more of its own money on financial aid. These changes come as lawmakers pressure Ivy League Universities to spend more of their multi-billion dollar endowments to help students.

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