Getting into Stanford University is incredibly difficult, but the cost of admission to one of the nation's most prestigious universities will be less of a hurdle for at least some of the class of 2019.
Of the 42,487 high school seniors who applied to Stanford, just 2,144, or 5.05 percent, were accepted, according to a statement from the university in Stanford, California.
But fewer parents will have to pay tuition, which will be free for those coming from households with annual incomes below $125,000, the university said in the release. That expands on a financial aid program that had previously waived tuition costs to students from households making less than $100,000 a year.
Parents with incomes below $65,000 will also be spared the cost of room and board, versus the previous threshold, set in 2008-2009, of $60,000, Stanford said.
Students will still be required to contribute at least $5,000 a year to their educations through savings, summer jobs and part-time work during the academic year, the university said.
The changes come after Stanford's Board of Trustees in February approved a 3.5 percent increase in tuition, with total undergraduate fees rising to $60,427 for the next academic year. Annual costs, which include things like travel and books and supplies, for a typical Stanford student come to roughly $65,000 before financial aid, according to the university.
"This expansion of the financial aid program is a demonstration of Stanford's commitment to access for outstanding students from all backgrounds -- including not only those from the lowest socioeconomic status, but also middle- and upper-middle-class families who need our assistance as well," Karen Cooper, associate dean and director of financial aid," said in the release.