By Veronica Kim
The Stanford Board of Trustees met on Feb. 13 and 14 to discuss undergraduate tuition, financial aid and construction projects. It also honored former provost John Etchemendy Ph.D. ’82 and two trustees who recently completed their 10-year terms.
The Board approved a 3.5 percent increase in undergraduate tuition for the upcoming school year, raising total charges to $64,729. The decision is in accordance with the 3.5 percent increases seen in the past two years. Trustees also approved a 3.5 percent increase in tuition for Stanford’s graduate and professional programs.
According to Stanford News, the tuition increases are necessary to maintain the quality of Stanford’s undergraduate academic programs. Vice President of University communications Lisa Lapin explained that major reasons for the rising bill include faculty salaries and healthcare.
At the same time, the Board reaffirmed its commitment to need-blind financial aid.
“The University is doing everything it can to keep a Stanford education affordable,” said Steven A. Denning, chair of the Board of Trustees, according to a Stanford News Service press release. “Most students graduate debt-free.”
Currently, 67 percent of Stanford undergraduates receive financial aid either from the University or from other sources. The aid provided by the University rises as tuition increases.
Moreover, when adjusted for inflation, Denning added, the net price of a Stanford education has increased just over 0.6 percent annually in the past decade after factoring in grants and scholarships.
The Board of Trustees also approved various construction projects, including Stanford in Redwood City and the renovation of Frost Amphitheater. They granted design approval to the Athletic Academic Resource Center, which will house programs of the Department of Athletics, Physical Education and Recreation and a scheme to add 2,020 new beds to Escondido Village Graduate Residences. Upon completion, Stanford will be able to house 75 percent of its graduate students on campus.
New projects also include the Center for Academic Medicine and the West Campus Children’s Center. With concept and site approval from the board, these projects are expected to return for design approval in June.
The Board honored outgoing trustees James Coulter M.B.A. ’86 and Thomas Steyer M.B.A. ’83, who recently completed 10-year terms. Coulter and Steyer both served on multiple committees of the Board of Trustees and worked together on the Graduate School of Business Advisory Council.
“Both were incredibly strategic, thoughtful, thought-provoking, incisive individuals,” Denning said.
The Board of Trustees also planned their annual April retreat, which includes a trip to Harvard University and the Massachusetts Institute of Technology to learn more about these institutions’ work in the biosciences, nanosciences and the digital economy.
Finally, the Board announced that it had established an endowment to honor former Provost John Etchemendy, who stepped down on Jan. 31 after more than 16 years.
The endowment will forever name the provost’s position as the “John W. Etchemendy Provostial Professorship.”
“He has incredible scope and scale,” Denning said on Etchemendy’s tenure at Stanford. “He was incredibly loyal to Stanford. When asked, he used to say, ‘I have the best job in higher education.’”
Contact Veronica Kim at vkim70 ‘at’ stanford.edu.