Let $A$ be a finite dimensional k-algebra standardly stratified for a partial order $\leqslant$ and $\Delta$ be the direct sum of all standard modules. In this paper we study the extension algebra $E = Ext^{\ast}_A (Δ,Δ)$ of standard modules, characterize the stratification property of $E$ for $\geqslant$ and $\geqslant ^{op}$, and obtain a sufficient condition for $E$ to be a generalized Koszul algebra (in a sense which we define).