Attending this prestigious university just became affordable.
On September 8, 2022, Princeton University made a huge announcement. Most undergraduate students whose families who earn less than $100,000 annually will not have to pay anything for tuition. That's right—one of the oldest universities in the country became much more accessible to attend.
"In service of humanity."
The new financial aid policy will take effect starting fall of 2023. Students whose family earns under the $100,000 cap will have their entire tuition and room and board paid for. On top of that, the university will also give each of these students $4,050 to spend on textbooks and personal expenses.
This sweeping overhaul of the school's finances will also impact students who already attend the university. It's expected that 25% of the student body (about 1,500 undergraduates) will be able to take advantage of the free tuition.
Comparing Finances
The old policy stated that students whose families earned less than $65,000 per year would receive a grant to cover the cost of tuition. If the household income was between $65,000 and $95,000, the average contribution was around $8,500. Princeton also eliminated loans from its financial aid packages back in 2001.
"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," said Princeton University President Christopher L. Eisgruber.
No doubt this will impact many students and their decision to apply to the ivy league school come the 2023 school year. If you want to take advantage of this incredible financial aid package, just be sure to start studying early—Princeton's acceptance rate is only about 5.6%.
Looking for even more ways to save money on school? Find out how you can attend law school for free! And don't forget to read up about student loan forgiveness and what it means for you.
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