Stanford University is an elite private University located in California. An interesting story about the founding of Stanford University is that an old couple wanted a building at Harvard named for their dead son, but Harvard University basically ignored them because that would take a lot of money. So, the couple took that money and founded Stanford University.
However, this tale of Stanford University founding is not true. If you are interested, you should look up the information!
I hope that you learned something from the brief introduction, and now let’s talk about the Stanford University scholarships and need-based aid.
Stanford Cost of Attendance
Without getting Stanford University Scholarships, the tuition fee per year is over $50,000, room and board is over $16,000, and fees are over $1,500. The total cost including personal expenses is estimated to be over $74,000. For accurate numbers, visit the cost of attendance page.
If you are from an average family, you will definitely say that you cannot afford this much money on college. If you pay in full, you will pay over $300,000 for four years! That’s where Stanford scholarships come into play. Unless your family makes a crazy amount of money like millions of dollars a year, you will never have to pay the full price of attendance. In fact, some pay $0.
Stanford Scholarships in Numbers
You should note that Stanford’s aid is based on need and not merit. Let’s take a look at the actual breakdown of Stanford University scholarships according to the family income.
For families who made less than $65,000, the average scholarship amount was over $74,000, and the family paid an average of $4,000. 100% of the students in this family income bracket received scholarships.
For families who made $65.000 – $95,000, the average scholarship amount was over $65,000, and the family paid an average of $9,200. 99% of the families in this income bracket received scholarships.
For families who made $95,000 – $125,000, the average scholarship amount was over $57,000, and the family paid an average of $16,000. 98% of the students in this income bracket received scholarships.
For families who made $125,000 – $155,000, the average scholarship amount was over $46,000, and the family paid an average of $26,000. 95% of the students in this income bracket received scholarships.
For students whose families’ income bracket is above $155,000, visit the average costs page for more information.
Students are expected to work during the summer to cover their personal expenses.
What Factors Determine The Award Amount for Stanford University Scholarships?
Now, let’s take a look on how the Stanford University scholarships award amount is calculated.
1. Family Income Level
The factor that determines your award the most is the family income level. Why? Because if your family earn more, then your need should be less, and if your family earn less, then you need should be more. However, this is not the only factor that comes into play as you will see in the next few points.
2. Size of Family
Another big factor that comes into play when is your family size. How much your family spends is largely determined by how many people are in your family. Therefore, when determining the Stanford scholarship amount, the university takes this into consideration.
3. Family Assets
Another factor is the family assets. This does not affect your award unless your assets are very large or less compared to your family income. If the family assets is normal for your family income, then your aid should not be affected.
4. Number of Siblings in College
If you have other siblings in college, your Stanford aid will significantly increase. They know that sending multiple children to college is financially strenuous for a family, so they increase your aid much.
There are multiple factors that determine your aid other than these factors. When you apply for financial aid, you will need to fill out FAFSA and CSS Profile, which ask you about your finances. When you do fill that out, you will see that these ask you very detailed questions and all of your answers will have an effect on your aid.
However, the factors mentioned above are the major factors that determine your aid. Now, let’s look at how you can apply for financial aid.
How to Apply for Financial Aid
To apply for financial aid at Stanford, you will need to fill out three forms: FAFSA, CSS Profile, and IDOC. FAFSA is for federal aid from the government and includes Pell Grant, which you might have heard of. CSS Profile is administered by the College Board and asks you more detailed questions than FAFSA. It is required by universities which are more selective such as the Ivy Leagues. IDOC is not really a form, but it is a tool in which you can upload financial documents such as tax forms. This way, the university can verify the numbers that you have put into FAFSA and CSS Profile.
After filling out those forms, you will need to submit it using the code for Stanford University. Good news is that these documents are used by other universities, so you just have to fill it out once and submit it to universities that you apply.
For more information, visit Applying for Stanford Aid Page.
Scholarship Application Deadlines
The deadline to submit the financial documents is November 15 for Early Action and February 15th for Regular Decision. I highly recommend submitting these early as soon as the forms are available, which is October 1, so that you will not be rushed and overwhelmed.
Stanford Net Price Calculator
If you want to get an estimate of how much you will pay, then I highly recommend going to Stanford Net Price Calculator. It will take you maybe 30 minutes to complete this, and it will give you a very rough estimate of how much you will pay per year depending on your responses.