On Tuesday I had a posting about Stanford University. Today, I'll complete the discussion, for someone mentioned to me, what's the big deal about getting into Stanford, for if you have a high school graduating class of 1000, 4.3% means 43 students should be accepted. My high school senior class had 850 students, so that means 37 could have been accepted.
Well, it doesn't quite work that way. There are more than 37,000 high schools in the USA. It's more like the top student or two from each high school applying, as Stanford this year received 47,450 applications, and accepted 2,040 for their class of 2022. You are thus competing against the best, most with straight A averages and SATs approaching 1600. Another way of looking at 4.3% is that of these top high school students who tried, 95.7% did not get accepted.
For the record, the Stanford Class of 2022:
- someone from all 50 states
- 11.4% are international students from 63 countries
- 50.8% male and 49.2% female
- 18.3% became the first in their family to go to college
- parents with a total annual income below $125,000 and typical assets WILL PAY NO TUITION ($48,987)
- parents with an annual income below $65,000 WILL NOT NEED TO CONTRIBUTE ANYTHING ($69,109)
- changes were made to the essay portion
- on a scale of 1600 being highest possible, if you scored 1590 and above on your SAT, your chances of being admitted was at least 8%
- if you scored less than 1350 you had less than a 2% of being accepted
- 95% of applicants had a GPA of 3.75 or higher
- $90 application cost
- attendance cost
- tuition = $48,987/year
- other = $20,122/year
- total = $69,109/year
- costs will go up, but, for now, fours years will add up to $276,436 (but year 4 will probably cost $77,182)
- In 2015:
- But that was only for tuition, which then was $46,000/year.
- Families making less than $65,000 also don't need to pay for room and board, another $14,100/year.
- However, there were still other expenses, around $5000, which would need to be covered from part-time work, a summer job, etc.
But this was nothing particularly new, for when I was accepted in 1958 I not only got free tuition and room/board, but they gave me a 10 hour/week part-time job working in a locked rare book room. No one ever showed up there, so that gave me ten hours/week to study. How considerate.
The best I could find was for the class of 2017, but for them:
- acceptance rate of 5.7%
- if you had a grade point average of 4.0 or above you only had a 7% chance of being accepted, and 74% of the class was at this level
- if you were in the top 10% of your class you had a 5% chance of being accepted
- if you scored 800 on the SAT reading test you only had a 14% chance of being accepted, and 24% of the class did score 800
- if you scored a perfect 800 on the SAT math test you had a 10% chance of being admitted, and 25% of the class did score 800
It has only gotten better, but in 2015, a Stanford graduate in computer science received a starting pay of $90,000. In 2015 the median household income in the USA was $52,000. To quote Business Insider:
The numbers can hit $500,000 or more. This time a year ago, Snapchat was offering Stanford graduates $100,000 to $150,000 in salary and $400,000 in stock grants vested in four years. Snapchat's offers are lighter this year; finishing students are being offered no more than $300,000 in stock. 
For Stanford grads, the money can get even bigger. Big publicly traded tech companies like Facebook, Google, and LinkedIn regularly pay new hires out of Stanford a salary of between $100,000 and $150,000. In addition, those companies will offer stock grants worth $100,000 or more. Sometimes there are signing bonuses close to $25,000 (and less-established tech companies often offer top Stanford recruits much more than that).
But even summer jobs:
Many Stanford students don't have to wait until after college for the big money to start coming. In Silicon Valley, most of the established tech companies, and many fast-growing startups, host student interns every summer and pay them between $4,500 and $7,000 a month for three months
Just one example of a student, Vinamrata Singal:
Google made Singal an offer, and she's going to do the program this summer. Singal didn't tell us the figure, but according to reports, Google will pay her about $6,000 a month. Google will pay for her housing and a twice-weekly house-cleaning service. It will also make hair stylists available to her at the office twice a week.
If the internship goes well, Google will almost certainly make Singal an offer for a full-time job, one that will pay her about $125,000 a year and award her a stock grant of at least $100,000. Singal says money was not the reason she decided to work at Google. "Money is not the issue," she says. "What really drew me to Google is their mission and their culture. I think they are solving really cool problems and they really care about impact."
This is getting ridiculously long, but here is one more example:
Kyler Blue was recruited to Stanford to row crew. He had no real awareness of the tech industry. He started taking classes for a degree in product design. Then, two summers ago, he interned at Extole. There, he was asked to build some websites and design emails for clients, including Spotify and Dish Network. Within weeks, millions of people were visiting the sites he designed. Blue was thrilled. He joined a startup called Riffsy in 2013, his junior year, and worked there while still taking classes at Stanford.
In the spring of 2013, word started to spread that Apple was going to integrate keyboard software from third-party companies into its iPhones and iPads. Blue helped design one for Riffsy, almost on a lark. The keyboard that Blue and Riffsy came up with allows iPhone users to include GIFs in text messages. Apple loved it, and it included Riffsy in its annual keynote presentation in front of millions of Apple users and developers.
In 20 days, the keyboard was downloaded 1 million times. The GIFs included were viewed 500 million times in a month. In November, Riffsy raised $3.5 million in venture capital from Redpoint Ventures, an early investor in Netflix and TiVo. In January, Blue quit going to classes. He says he's still a Stanford student but that he's on a leave of absence. He says his Stanford advisers told him it was the right thing to do.
Okay, one more, Jessica Taylor, who turned down up to $150,000/year plus a stock grant of $200,000 from Google to do foundational mathematical research to ensure smarter-than-human artificial intelligence has a positive impact. Further:
What this manager meant by that was not that it was OK to accept such a huge amount of money and spend it on whatever. She meant it was OK for Taylor not to work for Google, if that's what she wanted. It was even OK for her to go work for a nonprofit research institution for about half as much money. Taylor's "selfish" desire is to "do the most good for the world.”
However, going to Stanford does not mean you will become rich and/or famous. I scanned my latest Stanford Class of '62 reunion book, and there was not one Nobel Laureate, major politician and known billionaire. They were mostly happy with their family, with a lot of doctors, lawyers and professors.
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