Parents, This One’s For You

There was a time I thought $100,000 was a lot of money. Apparently, that is not the case.

Parents, those of you with kids planning to go to college, listen to this: Stanford University is planning to eliminate tuition for students from families that make less than $100,000 annually. The prestigious private institution also says it will pay most of the room and board costs for students from families who make less than $60,000.

Stanford University ( courtesy: Stanford University )
Let me say this again. They plan to eliminate tuition costs for families that make less than $100K. When asked why, the school said it was concerned about the fears of middle-income families when it comes to paying for their child’s education.

I say “bravo” to Stanford which instead of offering rhetoric is acutally doing something rather novel about the high cost of education. But don’t cry for this prestigious west coast college. Stanford’s tuition is about to rise to$36K next fall and room & board will hit about $11K.

It scares me when I hear about the cost of college today. Not having kids at present, it’s not something on my radar, but I sit there in stunned silence and wonder how in the world families can afford college. I’m not just talking about Stanford either. I’m on the board of trustees at Chatham University and we constantly struggle with the issur of how to keep education affordable when tuitions nationally are climbing into the $30K range annually. Suddenly, I feel blessed I was able to attend school – Ohio University – out of state and spend less than $30K for the whole three year experience.

I’m not writing this to speak out on the high cost of tuition and make some great plea for a cheaper education for our young people. Just thought I would share this little tidbit in the great tuition debate. Food for thought on this Thursday morning.

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