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Free Tuition at Stanford for Some

Stanford University announced that tuition will be free for students whose families earn less than $125,000 a year, up from the current $100,000 cutoff. Students whose families have incomes lower than $65,000 annually also get to skip paying room and board, up from the current $60,000 limit, as CNBC reports.

Tuition at the selective, private California college is about $60,000 a year. That's about 75 percent more expensive than the national average for a private, non-profit, four-year college tuition, which is about $25,000, according to College Calc.

"Our highest priority is that Stanford remain affordable and accessible to the most talented students, regardless of their financial circumstances," Provost John Etchemendy said in a statement.

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As report says, it's possible for Stanford to fully subsidize the tuition of some students because of the high number of wealthy students who attend. It's also one of the richest universities in the world, with an endowment of $21 billion. Only about 5 percent of applicants are accepted.

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Students who are eligible for this financial bargain are expected to pay $5,000 toward college costs from summer earnings and by working part-time while enrolled in college, according to

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