The significant cost of attending one of America’s top universities will now be covered for students whose parents earn less than $100,000 a year.
Previously, only families earning less than $65,000 received full financial aid coverage. More than 25 percent of the university’s undergraduates, or 1,500 students, will now receive financial aid that covers the full cost of tuition and room and board, according to a Thursday news release.
At full price, a year of tuition at the Ivy League university costs nearly $80,000, Princeton’s website says.
The university’s financial aid expansion will also help families earning up to $150,000, according to the news release.
“One of Princeton’s defining values is our commitment to ensuring that talented students from all backgrounds can not only afford a Princeton education, but can flourish on our campus and in the world beyond Christopher L. Eisgruber, president of Princeton, said in the announcement.
“These enhancements to our aid packages, made possible by the continued generosity of our alumni and friends, will enhance students’ experiences during their time at Princeton and their choices and impact after graduation.”
Students starting at Princeton in the fall of 2023 will be the first to benefit from the new and improved financial aid program.
The university also eliminated the annual student contribution — a portion of tuition and fees that students were expected to pay with their own savings and on-campus work — and increased the financial aid allowance for personal expenses and books.
Jill Dolan, dean of the college at Princeton, framed the expansion as part of Princeton’s larger commitment to diversity.
In a statement, Dolan singled out “socioeconomic diversity,” arguing that the move to expand financial aid will allow “more students from diverse backgrounds to learn from each other’s life experiences.”
“We are pleased to take these next steps to expand the reach and impact of Princeton’s financial aid.”
