Undergraduates with household incomes below $100,000 will not have to pay anything to attend Princeton University, the school announced in its new financial aid policy Thursday.
Beginning in fall 2023, these students will not have to pay anything for tuition or room and board, and will receive $4,050 per school year for books and personal expenses.
More than 1,500 students – or 25% of the student body – are expected to benefit from this change.
“One of Princeton’s defining values is our commitment to ensuring that talented students from all walks of life can not only afford an education at Princeton, but also thrive on our campus and in the world beyond,” said Princeton University President Christopher L. Eisgruber.
Previously, for students whose family earned less than $65,000, college scholarships covered tuition, room and board. For those with household incomes between $65,000 and $95,000, there was an average household contribution of $8,500.
For all families earning more than $65.00, students were required to contribute $3,500, which will now be waived regardless of income level.
Additionally, Princeton University changed its financial aid policy in 2001 to eliminate loans from its financial aid programs.
“Changes to our already generous financial aid policies will be an important part of the Office of Admissions’ work to recruit students from diverse socio-economic backgrounds, showing them that an education at Princeton is an affordable education. “said the Dean of Admissions and Financial Aid. said Karen Richardson.
Princeton’s action follows President Biden’s announcement last month to forgive up to $20,000 in federal student loan debt for eligible borrowers.