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Stanford Puts $200k Price Tag on Education

stanforduThe Board of Trustees at Stanford University recently increased tuition by 3.5% and room/board costs by 3.6%. The total cost for students attending the university for 2010-2011 will be $50,576.

Assuming a student attends all 4 years of undergrad at Stanford, they will easily be surpassing the $200,000 mark before graduation. Add in some tuition increases that are sure to pass in the coming years and they may be close to having a quarter of a million dollars invested in their education.

The numbers are quite beguiling and it sure is giving Stanford some headline coverage now that they have passed 50k. However, what you need to remember is that this is only the sticker price and not necessarily what you would have to pay to attend their university. At the same time Stanford’s Board of Trustees announced the tuition increase, they also stated that they would be providing enough financial aid to allow any admitted student to attend. Basically, they will fund your education up to whatever the FAFSA states you can afford. In addition, they are maintaining a new financial aid program that provides free tuition for families making less than $100k a year and free tuition, room, and board for those making less than $60k. The only catch is that you have to get admitted and maintain satisfactory progress (academically).

The lesson today is that you always take a look at the sticker price of your college or university of choice but don’t let that number scare you away. Nine times out of ten, you are going to end up having to pay much less.

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