Under Princeton University’s new financial aid program, most families earning less than $100,000 a year will pay nothing. Families making above $100,000 and those who have multiple children in college will also receive financial aid.
The Ivy League school shared the news on Thursday. They also added that the new financial aid program will take effect for undergraduate students in the Fall semester of 2023.
“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.
25 % of the student body are anticipated to benefit from this policy change. Princeton is set to do away with the $3,500 student contribution which is earned through campus work and summer savings. The University added in their press release, by eliminating the student contribution, there will be more chances for students to study abroad and participate in more activities on and off campus.
Princeton University is known for being one of the most affordable schools. Back in 2001, Princeton became the first college in the U.S. to remove loans from its financial aid packages.
Princeton’s new financial aid program comes after President Biden announced his plan last month to get rid of up to $10K in student loan debt.
