Princeton University has announced a new financial aid policy, which will see families with an annual income of less than $100,000 pay nothing for tuition, room, and board.
This is up $35,000, from the previous $65,000 annual income level. These changes, which are set to take effect starting in autumn 2023, are expected to result in more than 25% of the undergraduate student body receiving this level of aid.
President Christopher L. Eisgruber said that these improvements to the aid packages were made possible by the ‘sustained generosity of alumni and friends,’ and will ‘enhance the experiences of students during their time at Princeton and their choices and impact after they graduate.’
What is Princeton’s new financial aid policy?
Under the old financial aid methodology, the average grant for families with income under $65,000 covered the full cost of tuition, room and board. However, for those with a total income of $65,000-90,000, the parent contribution was $5,000, and the student contribution was $3,500.
The new financial aid policy means that families with a total annual income of $100,000 will not have to contribute anything. Contributions will only be made by families with an annual income of $150,000 or more, who will pay $12,500.
The policy works in the same way as the old one in that, the higher the income, the higher the amount families contribute. If you have an annual income of $200,000, you will contribute $25,000, and if you have an income of $300,000, you will contribute $50,000.
‘A Princeton education is an affordable education’
Jill Dolan, Dean of the College, said: ‘Princeton’s generous financial aid program has transformed the socioeconomic diversity of our undergraduate.
‘Princeton’s historic support for lower-income students has made our distinguished liberal arts education available to a broad range of students from around the world,’ Dolan continued, ‘we’re pleased to take these next steps to extend the reach and effect of Princeton’s financial aid.’
Meanwhile, Dean of Admission and Financial Aid Karen Richardson explained that the change in financial aid policies will strengthen recruitment of students from various economic backgrounds, as it will show them ‘that a Princeton education is an affordable education.’
Princeton has remained ahead of the curve with regards to financial aid. In 2001, it became the first university in the country to eliminate loans from its financial aid packages, resulting in more than 10,000 undergraduates benefitting from their aid program since then.
