Princeton University is to offer free tuition to undergraduate students whose families earn up to $100,000.
In a major expansion of its financial aid policy, the institution confirmed that these students will pay nothing for tuition, room, or board.
Additionally, many students from families with income over $100,000 will also receive financial support, including families at higher income levels who have multiple children in college.
It has also eliminated the annual student contribution – a portion of tuition and other expenses that students were expected to pay with their own savings and on-campus work – and increased the aid allowance for personal expenses and books.
These new policies will take effect for all undergraduates, beginning at the start of the 2023 academic year.
In a statement, President Christopher Eisgruber said: “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.
“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.”
Previously, only families earning less than $65,000 received full financial aid coverage. As a result of this policy change, Princeton estimates that over 1,500 students, or more than 25% of students, will benefit from full coverage.
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.
The institution issued a statement which said: “The improvements continue Princeton’s national leadership in the area of financial aid as families across the income spectrum struggle with rising college costs.”
“We’re pleased to take these next steps to extend the reach and effect of Princeton’s financial aid.”
–Jill Dolan, dean of the college at Princeton
Jill Dolan, dean of the college at Princeton, said that the expansion was part of Princeton’s larger commitment to diversity.
In a statement, Dolan pointed specifically to “socioeconomic diversity,” arguing that the move to expand financial aid will allow “more students from across backgrounds to learn from one another’s life experiences.”
She added: “We’re pleased to take these next steps to extend the reach and effect of Princeton’s financial aid.”
Karen Richardson, Dean of Admission and Financial Aid, said: “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.”