Stanford is one of the most prestigious universities in the country and boasts one of the largest endowments (a whopping $15.3 billion in 2006). Following the lead of Harvard and other top-tier schools, it’s using that cheese to offer free tuition to students from families making less than 100k a year.
This is obviously good news for exceptional students from middle- and low-income families, but less so for smaller colleges without Harvard, Yale or Stanford bank and who pull from the same pool of high-achieving applicants.
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