Princeton University is expanding its financial aid program as it prepares to welcome the Class of 2029 this upcoming fall. It is set to welcome 1,409 first-year students, with 69% of freshmen qualifying for financial aid.

Most families with an income of up to $150,000 a year will no longer have to pay tuition, according to a university press release. Financial aid will cover attendance fees such as tuition, housing, food, books and personal expenses. Most families of undergraduate students with an income up to $250,000 will also not pay tuition.

Families who make more than $350k will also receive aid

Princeton added that U.S. families who earn beyond $350,000 will also receive aid, including those with multiple children enrolled in college. 

“Through our increased investment in financial aid, we are making the transformative experience of a Princeton education more affordable for more students than ever,” Provost Jennifer Rexford said.

About two-thirds of undergraduate students will qualify for aid, with the average packages being more than $80,000 for the 2025-26 year.

The Class of 2029 will be the largest class of lower-income students to attend Princeton

About 25% of the Class of 2029 are eligible for federal Pell Grants, which are aid granted to students with financial needs. This is the largest number of Pell Grant-eligible students.

“We are thrilled to welcome the Great Class of 2029 to campus,” Dean of Admission and Financial Aid Karen Richardson said. “My colleagues and I enjoyed getting to know them through their applications and now look forward to their arrival. Each of the students has experienced great personal and academic success, and they are primed to bring that same energy to campus this fall.”

Princeton also shared ethnic and racial statistics for its incoming freshman class. The share of U.S. students who identify as Asian went up to 27.1% from 23.8% last year. On the other hand, the number of U.S. students identifying as Black went down to 5% as opposed to 8.9% last year. The university also highlighted that 8.2% of incoming students declined to identify a race, a decision which it said is “consistent with a nationwide trend since the Supreme Court’s decision in 2023 limited consideration of race in admissions decisions.”