Princeton University announced that it would financially support more undergraduates and their families to attract talented students from diverse backgrounds.
The Ivy League school will begin offering a full ride to most undergraduates from families earning up to $100,000 a year in the fall of 2023. Previously, Princeton provided the same financial assistance to students of families earning less than $65,000 a year.
The financial aid program is expected to cover approximately 1,500 students. Princeton anticipates that more than one-quarter of undergraduates will not pay anything for tuition, room or board.
Princeton shared a video of the university’s president, Christopher L. Eisgruber, sharing the news.
“#PrincetonU is enhancing its groundbreaking financial aid program with new policies that will provide even more generous support to undergrads and their families as it works to attract talented students from all backgrounds,” tweeted Princeton University.
#PrincetonU is enhancing its groundbreaking financial aid program with new policies that will provide even more generous support to undergrads and their families as it works to attract talented students from all backgrounds: https://t.co/Kx0DL9iLpQ pic.twitter.com/pDtGubMqTz
— Princeton University (@Princeton) September 8, 2022
The university renders additional assistance to families with income levels higher than $100,000 — especially those with multiple children in college. Princeton will also expand and simplify its financial support offerings.
“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,” Eisgruber said 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.”
Princeton is also eliminating the $3,500 student contribution typically earned through summer savings and campus work. This will provide more opportunities for students to pursue other activities during the summer and academic year, like studying abroad.
A wisely invested endowment currently worth more than $37 billion enables the university to offer this financial aid to students.
The estimated annual cost of tuition, room, board and miscellaneous expenses at the New Jersey university is $79,540.
Notably, Princeton is one of the most difficult schools to get into in the U.S. Ranked as one of the top five colleges by Niche, the average acceptance rate for applicants over the last decade is only about 6.5%.