More than a quarter of Princeton University's undergraduate students will receive financial aid packages that cover full tuition, room and board, according to the announcement Thursday.
Princeton University students whose families earn $100,000 or less will likely attend the Ivy League school for free.new financial aid program , according to an announcement Thursday. Previously, only students whose household income was $65,000 or less qualified for the full aid package.
More than a quarter of the school’s undergraduate students should expect to pay nothing, the announcement said. University President Christopher L. Eisgruber said the move is “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.” The program’s change comes after the university increased tuition by 2.5% this year. It rose at a slower pace than the average 3% increase among the 27 four-year nonprofit colleges in New Jersey, according to an NJ Advance MediaTuition and fees, without financial aid, costs an incoming undergraduate student $57,583 per year, the university said. It ranks as the second-highest in cost among the 27 schools, according to the data analysis. The program’s upgrade also decreases the final cost for higher-income households. Most families making up to $300,000 will receive some financial aid, paying a maximum of $50,000 a year, the school said. The university will also eliminate the requirement for undergraduate students receiving aid to contribute $3,500 per year for books and miscellaneous expenses starting in fall 2023, said Jill Dolan, the dean of the College. “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.”
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