Stanford University accepted a lucky (and hard-working) 2,144 students for its class of 2019. The students were selected from the largest applicant pool in the school’s history–42,487 students applied. Stanford also announced an expanded financial aid package through which parents with incomes below $125,000 a year will be required to make no contribution to tuition. (The students themselves will be expected to contribute at least $5,000 toward their tuition–money earned, not borrowed.) Parents with incomes of up to $225,000 are also eligible for aid, especially if they have more than one child in college. That figure sets a new bar for where the 21st century financial elite begins.
Stanford University (est.1891) is the youngest of all the elite universities. Founded by Leland and Jane Stanford as a gift to “the children of California” it has become a gift to the world. The school’s mandate is to produce “cultured and useful” citizens–and Stanford has long emphasized usefulness, encouraging innovation and entrepreneurial spirit. Besides the generous new financial aid package, Stanford has been a leader in offering free online courses to curious people around the globe. Notably, 16% of those accepted into the class of 2019 will be the first in their families to attend college.