Undergraduate Financial Aid: A Defining Commitment [PDF]

More documents

Recommendations

Info

2 “…keeping open an avenue whereby the deserving and exceptional may rise through their own efforts.” Jane Stanford, Stanford University co-founder “We believe there is no better investment than to support the students who will become tomorrow’s leaders.” John hennessy, President and Bing Presidential Professor, Stanford University Striving to Stay Affordable StAnforD hAS long offereD A generouS finAnCiAl AiD progrAm. But in the pASt, mAny talented students were deterred by the “sticker price” and the complexity of the financial aid process. It became clear that it was time to reset the equation. From 2005 through 2008, the university made substantial changes to its financial aid program, reinforcing our foundational pledge to the “deserving and exceptional” and simplifying the message that top-quality higher education is accessible to students from all backgrounds. DouG Plummer Cover photo: STeve GlADfelTer Today, parents of U.S. students with incomes under $100,000 a year and assets typical for their income level do not pay tuition. Parents earning less than $60,000 a year are not expected to pay tuition or contribute to the costs of room, board, and other educational expenses. Scholarships, along with state and federal grants when applicable, make up the difference. families with incomes at higher levels may also qualify for assistance, especially if more than one child is enrolled in college. All aid recipients are still expected to help finance their own education. In the past, the student contribution was based on the expectation that a student would also take out loans. The expected contribution is now low enough that most students are able to meet it with summer jobs, part-time campus work, savings, and/or outside scholarships. As a result, Stanford students today incur far less debt than the national average. of the students earning undergraduate degrees in 2011–12, 75 percent graduated debt-free. These changes have sent a simple and strong message reaffirming Stanford’s commitment to access and affordability. All evidence shows that the message is being heard— loud and clear. Applications for admission have increased substantially, and the changes are reducing the financial pressure on our students and their families. Approximately 30 percent of undergraduates benefit from the zero-tuition or zero-parent-contribution policies. As we seek to attract the best and brightest, the enhanced policies have allowed us to remain competitive with peer institutions that have also expanded their financial aid offerings in recent years.
The Growing Need Kristin trone, ’13, had dreamed of coming to Stanford since elementary school, but when her acceptance letter finally arrived, she was afraid she’d have to set it aside. endowed scholarships and Stanford fund Scholarships ensure that lowand middle-income students are able to come to Stanford, even when faced with unexpected financial hardship. See Kristin’s story at scholarships.stanford.edu. “I have such great opportunities here, I have such good friends here, and it’s a really fantastic place to be. I am so grateful for the scholarship that I’ve been given to be able to come here.” StAnforD’S <strong>Commitment</strong> to neeD-BlinD ADmiSSion AnD meeting full neeD iS CoStly. The challenge continues to be magnified by economic circumstances. Many parents still face underemployment, struggling family businesses, and depressed home values. As a result, both the number of students requiring aid and the amount of assistance needed remain at the elevated levels associated with the economic recession. Stanford’s financial aid budget has nearly doubled since 2006. Today, more than half of Stanford undergraduates depend on need-based aid directly from the university. Although Stanford’s endowment has recovered somewhat from the low point of the economic crisis, the financial aid budget is still under considerable strain. The unprecedented need for aid is expected to continue, while the outside scholarships and government grants that offset Stanford’s costs are not expected to keep pace. And as the costs of providing a world-class education rise, financial aid awards must expand to offset any incremental increases in tuition and other student fees. for the next three to five years, the combined funding from endowed scholarships and expendable gifts like those to The Stanford Fund still leaves a projected shortfall of approximately $30 million per year. Stanford’s alumni and friends have made all the difference in meeting this growing need. During The Stanford Challenge, their tremendous generosity reaffirmed the university’s commitment to financial aid and need-blind admission. Today, undergraduate scholarships remain one of Stanford’s highest fundraising priorities. As we look to the future, new endowed scholarships and increased annual giving are essential to sustaining our pledge to the “deserving and exceptional.” UndergradUate <strong>Financial</strong> aid | Stanford UniverSity 3
Page 1: Undergraduate Financial Aid A Defin
Page 5 and 6: The Stanford Fund: Meeting Immediat
Page 7 and 8: Facts and Figures: Need-Based Under

Undergraduate Financial Aid: A Defining Commitment [PDF]

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?