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08 SEPT 2022
The world of college admissions is ever-changing and for students with top university ambitions, it’s important to stay up-to-date on the latest developments. This week, Princeton University amended its financial aid policy to apply to families earning up to $100,000. Check back next week to see what’s new and noteworthy in university admissions!
Princeton University announced on Thursday it is changing its financial aid policy so that students from families earning less than $100,000 — up from the previous $65,000 annual income threshold — will not have to pay for tuition, room and board, and other direct college costs for four years.
Many students from high-income families, including those with multiple children in college, will also receive additional financial support. Funding for scholarships will primarily benefit families making less than $150,000, and the university's highest-need students will receive “new and expanded forms of financial support.”
The new financial aid policies will take effect for all Princeton undergraduates starting in fall 2023.
“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 shared in the university’s announcement. “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.”
Moreover, students receiving aid will no longer be required to contribute $3,500 a year for books and miscellaneous expenses beginning in fall 2023, according to college dean Jill Dolan.
“Princeton’s historic support for lower-income students has made our distinguished liberal arts education available to a broad range of students from around the world,” Dolan said in a statement. “We’re pleased to take these next steps to extend the reach and effect of Princeton’s financial aid.”
By eliminating the student contribution, students will have more opportunities to study abroad and to engage in other curricular and co-curricular activities.
Princeton's new financial aid package differs from its current institutional aid in the following ways:
With college costs continuing to rise, Princeton continues to lead the nation in the area of financial aid. In 2021, Princeton was the first university in the country to eliminate loans from its financial aid packages.
Princeton's financial aid program has supported more than 10,000 undergraduate students since its inception, providing grants that do not need to be repaid to meet students' full financial needs.