Princeton University will enhance its groundbreaking financial aid program, providing even more generous support to undergraduates and their families as it works to attract talented students from all backgrounds.
Most families earning up to $100,000 a year will pay nothing, and many families with income above $100,000 will receive additional aid, including those at higher income levels with multiple children in college. A majority of the additional scholarship funding will benefit families earning less than $150,000, and the University’s highest-need students will receive new and expanded forms of financial support.
The improvements continue Princeton’s national leadership in the area of financial aid as families across the income spectrum struggle with rising college costs. In 2001, Princeton was the first university in the country to eliminate loans from its financial aid packages. Since then, more than 10,000 undergraduates have benefited from Princeton’s aid program, which meets students’ full financial need with grants that do not need to be repaid.
“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. “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.”
The new financial aid policies will take effect for all undergraduates starting in fall 2023.
Results of the changes include:
- Most families whose annual income is less than $100,000 will pay nothing for tuition, room and board, up from the previous $65,000 annual income level. Roughly 1,500 Princeton undergraduates are expected to receive this level of aid — more than 25% of the undergraduate student body.
- The $3,500 student contribution typically earned through summer savings and campus work will be eliminated. The elimination of the student contribution will provide more opportunities for students to study abroad and to pursue other curricular and co-curricular activities during the summer and academic year.
- The financial aid calculation will be simplified so most families can compute their aid award with readily available information.
Old Financial Aid Methodology
The average grant for families with income under $65,000 covers the full cost of tuition, room and board.
| Income Range | Average Parent Contribution | Standard Student Contribution | Total Family Contribution |
|---|---|---|---|
| $65,000-90,000 | $5,000 | $3,500 | $8,500 |
| $90,000–110,000 | $9,400 | $3,500 | $12,900 |
| $140,000–160,000 | $20,175 | $3,500 | $23,675 |
| $190,000–210,000 | $36,025 | $3,500 | $39,525 |
| $240,000–260,000 | $45,825 | $3,500 | $49,325 |
| $290,000–310,000 | $62,000 | $3,500 | $65,500 |
New Financial Aid Methodology
Most families with income under $100,000 will qualify for grant aid to cover full tuition, room, board, books and personal expenses.
| Income | Total Family Contribution |
|---|---|
| $75,000 | $0 |
| $100,000 | $0 |
| $150,000 | $12,500 |
| $200,000 | $25,000 |
| $250,000 | $37,500 |
| $300,000 | $50,000 |