Princeton will cover tuition for families earning less than $100,000
- Princeton announced that most families earning less than $100,000 will not have to pay tuition.
- This should benefit about 25% of undergraduate students starting next fall.
- Princeton was also the first school in the United States to eliminate student loans from its financial aid programs.
Some students may soon attend Princeton University for free.
Thursday, New Jersey Ivy League School announcement it would expand its financial aid program to provide free tuition, including room and board, to most families with annual incomes below $100,000 per year. Previously, the same benefit was offered to families earning less than $65,000 a year. This new income limit will come into effect for all undergraduate students starting in fall 2023.
“One of Princeton’s defining values is our commitment to ensuring that talented students from all backgrounds can not only afford an education at Princeton, but also thrive on our campus and in the world beyond” , Princeton Chairman Christopher L. Eisgruber said in a statement. “These enhancements to our aid programs, made possible by the continued generosity of our alumni and friends, will enhance students’ experiences while at Princeton and their choices and impact after graduation.”
According to Princeton, about 1,500 students – or 25% of the undergraduate student body – will benefit from this additional aid. Also starting next year, the University will increase the personal expenses and books stipend to $4,050 from $3,500 in financial aid to allow more flexibility to cover these miscellaneous costs.
This is just the latest move from Princeton to make its cost of participation more affordable. In 2001, it became the first school in the United States to eliminate student loans from its financial programs and replace them with scholarships to ensure that students have no debt to repay after graduation.
A growing number of colleges have since adopted the policy. Amherst, Harvard and Yale pivoted to offer grants only, and smaller schools and HBCUs used stimulus funds from President Joe Biden’s US bailout to eliminate student debt tied to his students’ tuition. .
The abandonment of student loans illuminates the debate over the fight against college affordability. In late August, Biden took a major step in tackling the $1.7 trillion student debt crisis by announcing debt forgiveness of $10,000 to $20,000 for federal borrowers earning less than $125,000. per year. While many Democratic advocates and lawmakers praised their relief, they stressed that this cannot be the end of the road when it comes to making higher education more accessible.
“We really need to address the cost and the rising cost of college,” Massachusetts Sen. Elizabeth Warren said. Told PBS after Biden announced his loan forgiveness. “And there are a lot of different ways to do that…I worked very hard on a bill that requires more transparency, so schools actually have to reveal the true cost of going there, how many graduates, how long it takes people to graduate and how much money they make on the other side.”