PALO ALTO, Calif. - Stanford University is dropping tuition charges for students whose families have less than six-figure incomes.
The renowned school said Wednesday that it wouldn't charge tuition for families that earn less than $100,000 per year and would also drop room-and-board fees for families making less than $60,000.
"By devoting more resources to financial aid, we seek to underscore what has long been the case -- that no high school senior should rule out applying to Stanford because of cost," Stanford President John Hennessy said in a written statement.
University officials said the move gave Stanford one of the highest annual financial aid offerings in the United States. They credited the generosity of the school's donors as making the tuition waivers possible.
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