Stanford just became the latest school to offer free tuition to families making under $100,000 a year

• Stanford announced plans to offer free tuition to families making under $100,000 a year in the upcoming academic year.
• Currently, it offers free tuition to families making under $75,000 a year.

Stanford just announced plans to make its undergraduate education more affordable.

On Wednesday, the California university announced that beginning in the upcoming 2023-24 school year, it will offer undergraduate families making under $100,000 a year free tuition, room, and board. Currently, that offer stands for families making under $75,000 a year, and according to the press release, families making under $150,000 a year will continue receiving scholarship support to help cover tuition.

"Stanford is committed to providing an affordable education for all students, regardless of their economic circumstances," Jerry Yang, chair of the Stanford Board of Trustees, said in a statement. "We are pleased that this newest expansion of our financial aid program continues and extends that commitment."

This announcement came alongside a 7% increase in undergraduate tuition for the upcoming academic year to keep in pace with inflation — making total undergraduate charges for families that pay full tuition $82,406, including room and board. The school said, though, that it will "take into account the increase in tuition for current students receiving need-based financial aid," and that those whose financial circumstances do not change can anticipate paying the same amount in tuition as they do this year.

Stanford is now joining the growing number of schools working to make their financial aid packages more generous. In September, Princeton University announced that it would cover all tuition costs for families making under $100,000 a year, following a change it made in 2001 to eliminate student loans from its financial aid packages, replacing them with grants that did not need to be repaid.

A number of schools pivoted to grants in the following years, like Amherst, Harvard, and Yale, reflecting an effort by schools across the country to tackle the $1.7 trillion student debt crisis in the country. Currently, President Joe Biden's broad plan to tackle student debt by canceling up to $20,000 in loans for federal borrowers is on pause due to two conservative-backed lawsuits, and regardless of the outcome of the litigation, Insider previously reported that it'll take more than one-time debt relief to truly tackle college affordability in the country.

For example, experts suggested a stronger emphasis on grants and need-based financial aid, along with transparency in college pricing, to ensure students know exactly what they are paying for when they choose to attend a college.

"The rising cost of college can put valuable options out of reach for students who need them the most," Mamie Voight, the president and CEO of the Institute for Higher Education Policy (IHEP) — a nonprofit that focuses on success in higher education — told Insider. "Grants, when based on financial need, are a key step toward a more equitable system."