The considerable cost of attending one of the top American universities will now be covered for students whose parents earn less than $100,000 per year.
New Jersey’s Princeton University announced this week that families in that income bracket will no longer pay any cost to attend the prestigious school, whose famous alumni include former First Lady Michelle Obama, Supreme Court Justice Sonia Sotomayor, Queen Noor of Jordan and Jeff Bezos, the founder of Amazon.
Previously, only families earning less than $65,000 received full financial aid coverage. Over 25% of the university’s undergraduates, or 1,500 students, will now receive financial aid that covers the full cost of tuition and room and board, according to a Thursday news release.
At full price, a year of tuition at the Ivy League university costs almost $80,000, says Princeton’s website.
The university’s financial aid expansion will also help out families earning up to $150,000, according to the news release.
“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,” Christopher L. Eisgruber, Princeton’s president said in the release.
“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.”
Students starting at Princeton in fall 2023 will be the first to benefit from the new and improved financial aid scheme.
The university also eliminated the annual student contribution – a portion of tuition and expenses that students were expected to pay with their own savings and on-campus work – and increased the financial aid allowance for personal expenses and books.
Jill Dolan, dean of the college at Princeton, framed the expansion as 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.”
“We’re pleased to take these next steps to extend the reach and effect of Princeton’s financial aid.”