4-30-09: Stanford: Admits evaluate financial aid

Univ. reaffirms committment to low-income families

Even in poor economic times, the Office of Financial Aid has increased its aid budget and reaffirmed its commitment to low-income families. And with that support, many admits to the Class of 2013 will likely have an easier time saying yes to Stanford by tomorrow’s reply deadline.

According to Director of Financial Aid Karen Cooper, the office has cut 15 percent of its operating costs, but increased the size of its scholarship budget from last year’s $102 million to $110 million this year. She emphasized that her office prioritized giving financial aid to families based on need and that the financial cutbacks would not affect students directly.

“We have been sticking very closely to our policies,” Cooper said. “[Stanford has been] principled and equitable in distributing those funds across students who really need it first.”

Cooper noted that although they have been doing what they can to accommodate recent changes in parental incomes, there is still an income bracket that will bear a larger portion of the tuition burden.

“Families making more than $200,000 per year — they’re looking at being asked to pay most, if not all, of the costs at a place like Stanford,” Cooper said. “Their [alternative] choice is to go to a public institution in their home state, where tuition is half as much. Those families are going to have to make some difficult choices.”

However, for many Class of 2013 admits who fall below the $200,000 income bracket, Stanford’s commitment to need-based financial aid has actually made it more economically feasible to attend Stanford than a public school.

Shilpa Apte ‘13, a prospective freshman (ProFro) from Fargo, N.D., was very pleased with her financial aid package from Stanford.

“It was the best one by far,” Apte said. “It’s cheaper for me to go to Stanford than the University of Minnesota. I don’t know how that happened.”

Apte was particularly pleased with her award because, unlike a large portion of the population, her parents’ income actually increased from the time she sent in her financial aid form.

“My parent’s income went up significantly since December and they still gave us the same aid package,” Apte said.

Although Apte said her experience with the whole financial aid process was relatively easy, for others the process was more difficult. Brianne Huntsman ‘13, a ProFro from Utah, said that a lack of knowledge on the part of her high school counselors made the application and admission process considerably harder.

“My [high school] counselors didn’t know what the Common Application or the [financial aid] Profile was,” Huntsman said. “I sat in my counselor’s offices from seven in the morning until late after school and I was crying a lot. Stanford was really helpful because they sent me an email saying exactly what I had to do.”

For Huntsman, her financial aid package decided whether or not she would be able to confirm her acceptance. After attending an Admit Weekend that made her fall in love with Stanford, Huntsman was excited when she received her financial aid package three days later.

“After coming to Admit Weekend, I needed to come here, but I was so scared of financial aid,” Huntsman said. “Not that my parents would have been able to afford Stanford as a whole anyways, but my parents kind of just said we honestly do not have the money. [The financial aid] pretty much decided it for me.”

Although for some students the financial aid package made the Stanford education affordable, Cooper has noticed the impact the economic recession has had on W2 forms, one of the main applications required in applying for financial aid.

“We’re noting that many of [the W2’s] have a notice of layoff or a note of reduced earnings,” she said. “This is going to be a tough year for our families.”

Although Cooper quelled rumors that there may be plans to scale down financial aid, she did sympathize with families wrestling with the decision of investing in a Stanford education in the midst of an uncertain job market.

“It is a really difficult time to be making that commitment,” Cooper said.

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