Princeton makes tuition free for most households under $100,000

Princeton University is making tuition for undergraduate programs free for most students who come from households with $100,000 or less in annual income.

Beginning in the fall semester of 2023, roughly a quarter of its student body, about 1,500 students, will have their tuition, room, and board expenses covered, the Ivy League institution announced Thursday.

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“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 Eisgruber said.

Prior to the newly reconfigured financial aid, students hailing from families with income between $65,000 and $90,000 paid an average of $8,500 for schooling at Princeton, per the university. Households with income between $90,000 and $110,000 paid an average of $12,900.

Princeton pledged that under the new aid formula, “most families with income under $100,000 will qualify for grant aid to cover full tuition, room, board, books, and personal expenses.” In addition, the institution plans to bump up its annual personal and books allowance from $3,500 to $4,050.

“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,” Eisgruber continued.

College tuition pricing has been subject to renewed national attention in recent weeks due to President Joe Biden’s sweeping student loan forgiveness plan. Under the plan, borrowers with an annual income of $125,000 or less can receive up to $10,000 worth of forgiveness in federal student loans. For borrowers who received Pell Grants, relief increases to $20,000.

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Princeton also noted it was one of the first in the country to “eliminate loans from its financial aid packages” in 2001. The university has a lucrative endowment fund hovering around a whopping $37.7 billion, according to the institution.

“The changes to our already generous financial aid policies will be an important part of the work that the Office of Admission does to recruit students from various socioeconomic backgrounds, showing them that a Princeton education is an affordable education,” said Karen Richardson, dean of admission and financial aid.