A Guide to Financial Aid & Scholarships for Stanford Students
Grants, Student Loans, & Fellowships
At Stanford, the financial aid program is need-based. Therefore, if you can prove a financial need, Stanford will work with you to get financial assistance.
Students whose families earn below $60,000 per year will not be expected to contribute any funds toward their child’s education. Instead, students will take on the responsibility of making up the difference through summer employment, part-time work during the academic year, and individual savings.
Parents of students who earn below $100,000 per year are expected to contribute some, in addition to need-based scholarships, grants, or other free money received. Students, in turn, are responsible for a minimum of $4,500 per year, through summer work, and part-time work.
To be considered for Stanford financial aid, it is important to complete and submit a Free Application for Federal Student Aid (FAFSA).
In addition, Stanford offers limited financial aid to international students. To be considered, international students should request consideration when applying for admission. If not, they will not be considered for Stanford financial aid for the duration of their undergraduate years.
Scholarships and Federal/State Aid for Stanford Students
Stanford students can expect a variety of financial aid options. The most popular are the university’s endowed scholarships. These scholarships originate from private donors and corporations dedicated to higher education at Stanford . Endowed Stanford scholarships are disbursed to students who demonstrate a financial need.
Stanford students can also search for outside scholarships. Students are responsible for finding and applying for outside scholarships, and must report all scholarship awards to the Standard financial aid office.
Stanford students can also be considered for federal and state aid programs. Once the FAFSA is submitted, students’ application information is automatically reviewed for federal and state aid.
Some federal and state grants offered to Stanford students include:
Federal Pell Grant—awarded to undergraduates with high financial need. Amounts vary.
Federal Supplemental Educational Opportunity Award (FSEOG)—awarded to undergraduates with exceptional financial need. Amounts vary.
Federal TEACH Grant —awarded to students pursuing a teaching degree. Grant is awarded to students willing to work a minimum of four years at a school which serves low-income students.
Academic Competitiveness Grant (ACG)—awarded to freshmen or sophomores who receive a Pell Grant in the same award year. Awarded $750 in the first year; $1,300 in the second year.
Loans for Disadvantaged Students (LDS)—these loans carry a 5% fixed interest rate. This loan is offered based on financial need for students who come from disadvantaged backgrounds.
National SMART Grant—awarded to students in their junior or senior year who receive a Pell Grant. Amount awarded is up to $4,000 each year.
Cal Grant A—is awarded to students from low to middle income families. This grant only covers the mandatory fees, not the campus-based fees. Applicants must be California residents.
Cal Grant B—is awarded to students who come from low-income, disadvantaged families. First year, students receive only an Access Grant of $1,551. Second through fourth years, the students receives the Access Grants AND fee assistance. Applicants must be California residents.
To be considered for the Cal Grants, students are required to file a FAFSA and a GPA Verification form by the state deadline.
Federal work-study programs are also available as Stanford financial aid. These programs allow students to apply for any on-campus job. It is the student’s responsibility to conduct their own job search. Money earned is used to pay college expenses.
Loans for Stanford Students
Students can also supplement their financial aid package with loans, if needed. Stanford loan options include: Federal Perkins Loan, Stafford Loans, and PLUS Loans, and private loans. Stanford’s financial aid office maintains a list of preferred private lenders. Some lenders include: Sallie Mae, Nelnet, EdAmerica, and others.
Some examples of other Stanford loans are:
Stanford University (SU) Loan—this is a need-based loan with a maximum award amount of $2,000 per year. It includes ZERO interest and repayments begin after completion of medical residency. This loan especially awarded to medical students enrolled in Stanford School of Medicine.
Basic Stanford (SU) Grant —awarded to students if their financial need exceeds federal loan amounts offered. Students paying full tuition are awarded $10,000 per quarter; students paying reduced tuition are awarded $2,251 per quarter. This grant is common among Stanford medical students.
Stanford University also offers a payment plan. There is a $25 set up fee each time the student enrolls in the plan. With this plan, students pay tuition and other charges in three increments over one year.
Key Points to Remember about Stanford Financial Aid
- Know all your options. With so many financial aid options, Stanford students should consult financial aid representatives, and department heads to make sure all options have been considered.
- Depending on your major, you may qualify for additional grants and scholarships. Check with graduate school staff, and department heads for institutional scholarships within your area of study.
- Before seeking private lenders for a loan, check out Stanford’s payment plan and other alternative plans with a zero or low interest rate.
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