Princeton U. to Cover Costs for Students Whose Families Earn Below $100K

Princeton University announced this week that its new financial aid policy will include completely covering costs for students whose families earn up to $100,000 per year.

“Princeton will enhance its groundbreaking financial aid program, providing even more generous support to undergraduates and their families as it works to attract talented students from all backgrounds. Most families earning up to $100,000 a year will pay nothing,” the school states on its website.

The cost of attending Princeton for the 2022-23 academic year is estimated to be $79,540, which is broken down as $57,410 for tuition, $10,960 for room charge, $7,670 for board, and $3,500 for estimated miscellaneous expenses.

Princeton’s new financial aid policy will take effect for all undergraduates, beginning in the fall 2023 semester. Moreover, students will be given an annual $4,050 allowance for books and personal expenses.

The university added that it expects roughly 1,500 undergraduate students — more than 25 percent of the study body — to benefit from this financial aid policy change.

Before this policy change, it was only students whose families earn less than $65,000 annually who were able to pay nothing for tuition, room, and board.

“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.

“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 university president added.

Dean of Admission and Financial Aid Karen Richardson echoed those sentiments, stating, “President Eisgruber continues to emphasize Princeton’s commitment to talented students from across the country and around the world.”

“The changes to our already generous financial aid policies will be an important part of the work that the Office of Admission does to recruit students from various socioeconomic backgrounds, showing them that a Princeton education is an affordable education,” Dean Richardson added.

The move by Princeton comes as the nation grapples with a copious amount of student loan debt, and as President Joe Biden threatens to implement a student loan bailout on the backs of U.S. taxpayers.

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