Princeton University is substantially increasing its financial aid program for undergraduates ... [+]
Princeton University is revising its financial aid policy so that a student from a family earning less than $100,000 a year will pay nothing for tuition, room, board and other direct college costs for four years of education at the Ivy League university. The university announced its new financial aid program today.
In addition, many students from families with income exceeding $100,000 will also receive additional financial support, including those at higher income levels who have multiple children in college. Most of the additional scholarship funding will benefit families earning less than $150,000.
The new financial aid policies will take effect for all Princeton undergraduates starting in fall 2023.
“One of Princeton’s defining values is our commitment to ensure that talented students from all backgrounds can not only afford a Princeton education but can flourish on our campus and in the world beyond it,” President Christopher L. Eisgruber said in the university’s announcement. “These improvements to our aid packages, made possible by the sustained generosity of our alumni and friends, will enhance the experiences of students during their time at Princeton and their choices and impact after they graduate.”
According to Princeton Alumni Weekly, 2021–22 was the most generous year of alumni giving in the university’s history, with $81.8 million received from its annual giving campaign, surpassing the prior year’s total by more than $13 million.
Here are some of the ways that the new financial aid package differs from current institutional aid offered by Princeton.
- Most families with annual income less than $100,000 will pay nothing for tuition, room and board and books, a significant increase from the previous $65,000 annual income threshold. About 1,500 Princeton undergraduates are expected to receive this level of aid — more than 25% of the undergraduate student body.
- The $3,500 student contribution typically earned through summer savings and campus work is being eliminated. Eliminating the student contribution will provide more opportunities for students to study abroad and pursue other curricular and co-curricular activities during the summer and academic year.
- Princeton will simplify its methodology for calculating financial aid so that students and families can compute their aid awards with readily available information.
- According to a graphic accompanying the announcement, students from families making between $150,000 and $300,000 annually would receive an increase in their financial aid of anywhere between $11,000 to $15,500 annually.
Princeton lists the cost of attendance for 2022-23 at $79,540, which includes:
- Tuition: $57,410.
- Room: $10,960.
- Board: $7,670.
- Estimated miscellaneous expenses: $3,500.
Princeton also indicates that currently 62% of its undergraduate students receive financial aid, with the average aid package totaling $62,200.
