Qualifying students can now take advantage of the free tuition at Princeton University through their financial program.
Nearly all families who make up to $100,000 a year are more than likely to pay no money for classes beginning in 2023. Households that earn over $100,000 would still qualify, with the majority of the additional grants going to families with several children in college and families earning less than $150,000 a year.
#PrincetonU is enhancing its groundbreaking financial aid program with new policies that will provide even more generous support to undergrads and their families as it works to attract talented students from all backgrounds: https://t.co/Kx0DL9iLpQ pic.twitter.com/pDtGubMqTz
— Princeton University (@Princeton) September 8, 2022
To be more comprehensive, Princeton has decided to expand its scholarship program. Before this new change, the annual income level was limited to families earning up to $65,000 per year.
In 2001, Princeton became one of the first universities in the United States to phase out loans from their financial aid packages. Up to this time, over 10,000 undergraduate students have used grants to cover their entire tuition upon graduation.
“One of Princeton’s defining values is our commitment to ensure that talented students from all backgrounds cannot only afford a Princeton education but can flourish on our campus and in the world beyond it,” President Christopher Eisgruber said. “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.”
The new financial aid policies will commence for all undergraduate students starting in the fall of 2023.
Families with households making less than $100,000 will pay nothing for tuition or room and board under the new policies, and over 25% of the student body is expected to qualify for this level of aid.
Princeton will also erase the $3,500 student contribution, typically earned through working a job on campus, along with summer savings.
The desire to eliminate the contribution comes from wanting to encourage more students to travel abroad and pursue other curricular activities during the summer and school year.
Students will also be able to apply for an annual personal and book allowance of up to $4,050 per school year.
