Story at a glance
- The university announced Tuesday that its expanded financial aid program — which previously covered costs for families earning less than $65,000 per year — will affect about a quarter of its undergraduate student body.
- The $3,500 student contribution often earned through summer on-campus work will also be eliminated, potentially opening opportunities for students to study abroad.
- The university’s decision adds to a larger conversation around college affordability as wage increases struggle to keep pace with rising tuition and associated costs.
Most Princeton University students whose families earn less than $100,000 annually will pay nothing toward tuition, fees and room and board to the Ivy League school beginning in 2023.
The university announced Tuesday that its expanded financial aid program — which previously covered costs for families earning less than $65,000 per year — will affect about a quarter of its undergraduate student body. Around 5,300 undergraduate students are currently enrolled.
“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,” Princeton University President Christopher L. Eisgruber said in a media 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.”
Meanwhile, the $3,500 student contribution often earned through summer on-campus work will be eliminated, potentially opening opportunities for students to study abroad.
Princeton will also increase its annual allocation for students’ textbooks by more than $500 in 2023, which could free up funds for other expenses, according to the university.
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The university’s decision adds to a larger conversation around college affordability as wage increases struggle to keep pace with rising tuition and associated costs.
Data shows the average cost of college has more than doubled in the 21st century, and in 2022, the average cost including books, supplies and daily living expenses is more than $35,000.
Rising costs have also contributed to a soaring student debt crisis, which previously left around 43 million student borrowers collectively on the hook for at least $1.6 trillion.
Yet President Biden announced late last month his administration would forgive up to $10,000 for all federal student loan borrowers and up to $20,000 for federal borrowers who received Pell Grants during college.
The administration expects that the plan will eliminate student debt for around 20 million borrowers should all who are eligible apply.
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