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People walk through the Stanford University campus on May 22, 2014 in Stanford, California.
Justin Sullivan—Getty Images

Stanford University will offer a free ride to any student whose parents make less than $125,000 a year, University officials recently announced in an expansion of its financial aid program for the coming school year.

“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.

The simple rule-of-thumb was revised from the previous year’s benchmark, $100,000 in family income. Eligible students are expected to contribute $5,000 to tuition using part-time wages, though they will not have to borrow money to meet that goal.

Without financial aid, Stanford students pay upwards of $65,000 a year in tuition.

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