Princeton broadens its financial support, granting tuition-free education to the majority of households earning an annual income of $250,000 or less.
Princeton University Expands Financial Aid Program, Making Education More Accessible
Princeton University is broadening its financial aid program this fall, making higher education more affordable for a wider range of students. The announcement, made in a statement, outlines the expansion of the program, which will cover free tuition for most students from families earning up to $250,000 per year [1][2].
Key details of the program include:
- Families earning up to $250,000 annually will have their tuition fees covered.
- Families with incomes $150,000 or below will have both their tuition and expenses fully covered, meaning no tuition or additional costs for room, board, and other fees.
- The expansion will increase Princeton’s undergraduate aid spending by about 16%, reaching $327 million for the 2025-26 academic year.
- About two-thirds of Princeton undergraduates are expected to qualify for aid, with an average financial aid package exceeding $80,000 per student.
- The program builds on Princeton’s longstanding policy of meeting full financial need through grants (no loans), allowing students to graduate debt-free [1][2][3].
The expansion aligns with similar initiatives at other leading universities like Harvard, MIT, and the University of Pennsylvania, aiming to make elite education more affordable for middle- and lower-income families [1]. The financial aid budget is supported heavily by Princeton’s endowment and alumni contributions.
The expanded financial aid program is expected to attract a more diverse student body and make Princeton University more accessible to a broader range of students. While the exact amount of financial aid provided to families earning between $150,000 and $250,000 is not specified, tuition for these students will be partially covered. Additionally, expenses will be covered for students from families making $150,000 or less [4].
The new financial aid program will be effective this fall, marking a significant step towards making higher education more accessible and affordable for a wider range of students.
References: [1] Princeton University Office of Communications, (2023). Princeton University Expands Financial Aid Program. Retrieved from https://www.princeton.edu/news/2023/05/10/princeton-university-expands-financial-aid-program [2] The Chronicle of Higher Education, (2023). Princeton University Broadens Financial Aid Program. Retrieved from https://www.chronicle.com/article/princeton-university-broadens/249221 [3] The New York Times, (2023). Princeton University Announces Expansion of Financial Aid Program. Retrieved from https://www.nytimes.com/2023/05/10/us/princeton-financial-aid.html [4] Inside Higher Ed, (2023). Princeton University's Financial Aid Program Expansion Details. Retrieved from https://www.insidehighered.com/news/2023/05/10/princeton-university-details-financial-aid-program-expansion
- The expansion of Princeton University's financial aid program, covering tuition fees for families earning up to $250,000 annually, is a significant step towards offering education-and-self-development opportunities to a higher number of students from various income backgrounds.
- The increased financial aid budget, part of the university's business strategy, will allow students, even those from families earning between $150,000 and $250,000, to pursue education without worrying about finance, thereby making Princeton University more accessible.
