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Wednesday, February 20, 2008
Stanford University to Eliminate Tuition for Some Students
Associated Press
PALO ALTO, Calif.--Attending Stanford University next year will be a lot more affordable for some undergraduate students.
The university
said Wednesday it plans to eliminate tuition for students with annual family incomes totaling less than $100,000. It also
will pay most room and board for students with families making less than $60,000.
Financial aid director Karen Cooper
says the move comes as middle-income parents express concern about paying for a Stanford education.
Stanford tuition
is expected to rise to $36,000 in the fall. Room and board will cost about $11,000. About a third of the university's 6,700
undergraduates are expected to qualify for the tuition break.
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Sure, we know some of you are saying the term "marriage penalty" is redundant. In fact, of all the costs associated with getting married (have you seen the cost of a wedding cake lately?), the marriage penalty can be the worst.
Here's how it works: Mr. and Mrs. Right walk down the aisle in wedded bliss and suddenly they¿re a two-income household. If both make roughly the same amount of money, they can be pushed into a higher tax bracket. That's bad, since the higher the bracket, the higher the tax. So, if both were single, they'd end up writing two smaller checks to the tax man that, if combined, would add up to less than the giant check they write in a state of wedded bliss.
Is that fair? We're not touching that, but there is a flip side that few people talk about. The marriage penalty only kicks in if both members of the couple make close to the same amount of money. If there's a big disparity in pay, there's actually a tax advantage. Call it the marriage bonus.
And, it¿s important to remember that there are other financial benefits, such as lower life-insurance rates or health care premiums, that can make up for the extra tax couples pay. So don't let Uncle Sam stop you from saying, "I do."
