Stanford’s Board of Trustees has approved a 7% increase in undergraduate tuition for the 2023-24 academic year — rising the cost of attendance to $82,406. Financial aid will increase as well, fully covering tuition and room and board for students coming from families with annual incomes below $100,000 with “typical assets.”
The current threshold for full financial aid is an annual income less than $75,000.
Families that earn under $150,000 annually will continue to receive at least enough support to cover tuition. Families earning more than $150,000 will receive financial assistance on a sliding scale based on individual finances.
“Stanford is committed to providing an affordable education for all students, regardless of their economic circumstances,” said Jerry Yang, chair of the Stanford Board of Trustees.
This marks the largest one-year increase in tuition and room and board since at least 2013. Over the past decade, the average annual increase in undergraduate tuition has been between 3 and 4%.
According to the University, this increase in tuition comes amid “the effects of high inflation on the cost of university operations.”
The total undergraduate cost of attendance for full-tuition-paying families will be $82,406 in the 2023-24 academic year, with $61,731 for tuition and $19,922 for standard room and board.
General graduate tuition will increase by 4% in the 2023-24 academic year. Specific tuition levels for students enrolled in graduate or professional programs will be announced later this year.
According to the Stanford News report, more than two-thirds of Stanford undergraduates receive some sort of financial aid from internal or external sources, including athletic scholarships. The report also stated that first-year students on financial aid received an average annual scholarship of more than $62,000 from the University.
The new $100,000 income threshold for full financial assistance is comparable to Princeton University, where undergraduates whose families earn less than $100,000 annually will also receive full financial aid starting fall 2023.
Earlier this month, Yale announced that its total term bill will be $83,880 for the 2023-24 academic year. Yale’s threshold for full financial assistance will remain at $75,000.