Stanford University will now offer free tuition to students who come from families with less than $125,000 in annual income and assets, CNN reported.
Stanford made this announcement when it released its regular admissions results last week.
Room and board charges will also be waived for those students whose families’ incomes are below $65,000, which is more generous than the school’s previous threshold of $60,000.
While the expected parent contribution is zero, Stanford still requires students to contribute $5,000 on their own from summer or part-time jobs.
“Our highest priority is that Stanford remain affordable and accessible to the most talented students, regardless of their financial circumstance,” Stanford’s Provost John Etchemendy said, according to CNN.
In comparison, Princeton grants free tuition for students whose parents earn less than $140,000, while those with incomes lower than $60,000 do not have to pay tuition, room or board.
Correction: Due to a reporting error, an earlier version of this article misstated the point at which Princeton grants students free tuition. Students whose parents earn less than $140,000 receive free tuition. The 'Prince' regrets the error.