Princeton University has recently announced that families in the income bracket under $100,000 a year would no longer pay any fees to attend the prestigious school, whose famous alums include Supreme Court Justice Sonia Sotomayor, former First Lady Michelle Obama, Jeff Bezos, the founder of Amazon and Queen Noor of Jordan. According to a news release on Thursday, September 8th, over 25% of the University’s undergraduates, or approximately 1,500 students, will now receive financial aid that covers the total cost of tuition and room and board. Previously, only families earning less than $65,000 a year received full financial aid coverage.
A year of tuition at Princeton, at full price, costs almost $80,000, says Princeton’s website. The University’s financial aid expansion will also help families earn up to $150,000, according to the news release. In addition, beginning next year, the Ivy League University will increase the allowance for book and personal expenses to $4,050 from $3,500 in financial aid packages to allow for more flexibility to cover those miscellaneous charges.
“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’s President, Christopher L. Eisgruber, in the release. “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.”
