Princeton University To Cover Costs For Students Whose Families Earn Less Than A Combined $100,000
In an announcement aiming to support students from less wealthy backgrounds, Princeton University revealed it would cover the college costs for those whose families make less than $100,000 annually.
According to Bloomberg, Students from families who made over the $100K threshold would receive additional financial support, including families with multiple children in college. The university noted that most of the supplementary scholarship funding would benefit families earning less than $150,000.
“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 said in a press release Thursday (September 8), according to the publication. “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.”
The upcoming policy change will take effect for all undergraduates – 25 percent of whom the university estimates will receive the aid covering all tuition, room and board, beginning in Fall 2023.
According to Princeton’s website, 83 percent of its recent graduating seniors are debt free. They also note that 62 percent of its undergraduate students already receive some financial aid.
“President Eisgruber continues to emphasize Princeton’s commitment to talented students from across the country and around the world,” Dean of Admission and Financial Aid Karen Richardson said, according to the New York Post. “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.”
