Stanford offers free tuition for families making less than $125,000

Last week, 2,144 teenagers got the news they'd long dreamed of: they got accepted to Stanford University.

The cherry on top is that Stanford also announced it was expanding financial aid. The university said that no parents with an annual income and typical assets of less than $125,000 will have to pay a single cent toward tuition. The threshold for this aid was previously $100,000.

Stanford also said it will offer free room and board -- in addition to free tuition -- for those making less than $65,000, raised from the previous $60,000 threshold.

Without financial aid, annual costs for a typical Stanford student run about $65,000, including yearly tuition at more than $45,000.

Related: 100 students refuse to pay their loans

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

As it stands, the school said that 77% of its undergraduate students graduate with no student deb

http://money.cnn.com/2015/04/01/pf/college/stanford-financial-aid/index.html