Stanford University's tuition is now free for students whose families make less than $125,000 a year

Stanford University just made a huge announcement about its financial aid program.

The university will provide free tuition for students whose parents earn less than $125,000 a year. And for students whose parents earn less than $65,000, Stanford will cover room and board costs, too.

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Meghan DeMaria

Meghan DeMaria is a staff writer at TheWeek.com. She has previously worked for USA Today and Marie Claire.