Rep. Elijah Cummings (D-MD), ranking member on the House Committee on Oversight and Government Reform, named Stanford on a list of 111 universities that have allegedly violated federal financial aid laws in an open letter to Secretary of Education Arne Duncan earlier this month.
The University saw a 9.7-percent increase in its endowment this year, bringing the total value to $18.7 billion after the 2013 fiscal year.
According to Director of Financial Aid Karen Cooper, MasterCard will disburse $500 million in an education initiative for sub-Saharan Africa.
Stanford offered admission to 2,210 students via electronic notification today, producing – at 5.69 percent – the lowest admit rate in University history.
The inability of the federal government to avert the “sequester” — automatic and across-the-board spending cuts of $85 billion that came into effect last Friday — will seriously affect the state of ongoing and future research at Stanford, according to University administrators.
Undergraduate tuition will increase to $42,690 next year, compared to $41,250 this year, and room-and-board charges will increase from $12,721 to $13,166, according to a University press release.