Undergraduate students whose families earn up to $100,000 will be able to attend Princeton University for free starting next year, the Ivy League institution has announced.
Previously, the university’s financial aid provided free tuition, room, and board to families earning $65,000 - but that has been increased. Tuition at the school is nearly $80,000 a year.
“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 Eisgruber said Thursday in a statement.
“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.”
About a quarter of the undergraduate student body - about 1,500 students - is expected to receive the new level of aid, according to the Ivy League school.
“Most families earning up to $100,000 a year will pay nothing, and many families with income above $100,000 will receive additional aid, including those at higher income levels with multiple children in college,” a Thursday press release stated. “A majority of the additional scholarship funding will benefit families earning less than $150,000, and the University’s highest-need students will receive new and expanded forms of financial support.”
The university’s decision comes on the heels of President Joe Biden last month announcing a sweeping student loan forgiveness plan.
“The improvements continue Princeton’s national leadership in the area of financial aid as families across the income spectrum struggle with rising college costs,” the Princeton statement continued.
“In 2001, Princeton was the first university in the country to eliminate loans from its financial aid packages. Since then, more than 10,000 undergraduates have benefited from Princeton’s aid program, which meets students’ full financial need with grants that do not need to be repaid.”
According to the university’s website, undergraduate costs for the 2022-23 school year stand at $79,540 and are broken down as follows: $57,410 for tuition; $10,960 in room charges; $7,670 for board; and $3,500 in miscellaneous expenses.