Princeton University is now offering free tuition and board to students with families that earn $100,000 per year and less starting in the fall of 2023, the Ivy League institution announced this week.
"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 in a press release Thursday.
"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."
Free tuition and board, valued at about $75,000 per year, will be available for students of families making up to $100,000 per year, compared to the current "family contributions" of $8,500 and $12,900 annually for income ranges between $65,000-$90,000 and $90,000-$120,000 respectively.
Under the new financial aid methodology, families at the top of the income spectrum earning $300,000 per year or more will contribute $50,000 per year instead of the current $65,000 per year, according to the university.
The new financing is expected to impact about 25% of the undergraduate student body, or 1,500 students.
Future enhancements will likely include an increase in annual personal expense grants from $3,500 to $4,050 to help cover costs for textbooks and other miscellaneous expenses.
"President Eisgruber continues to emphasize Princeton’s commitment to talented students from across the country and around the world," Dean of Admission and Financial Aid Karen Richardson said.
"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."
The school was the first in the nation to eliminate student loans from its financial aid packages, using grants and awards to help about 10,000 students leave the school debt free.
While this is certainly good news for some, the competition to be accepted at the university is stiff with an acceptance rate of just 6% of those applying, which is in-line with other Ivy League schools like Harvard at 4.59%, Yale at 6.1%, and Stanford at 5%, according to published reports.
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