So, if you’re looking for a top-quality education that won’t break the bank, Princeton University should definitely be on your radar. To make college more affordable and accessible, Princeton University is offering free education to families earning up to $100,000 annually from next year. This initiative covers tuition, room, and board for eligible students, meaning that many middle-class families will be able to send their children to one of the nation’s top universities without taking on any debt.
This is a major step forward in making college affordable for all, and it will likely have a ripple effect as other universities consider similar measures. It’s also a strong statement from Princeton that they are committed to increasing socioeconomic diversity on their campus.
The Ivy League university of New Jersey has long been one of the most prestigious and selective schools in the US, but this new initiative will open up opportunities for many students who may not have previously considered applying. Earlier, the free tuition, room, and board facility at Princeton were only available to students earning $65,000 or less per annum. The cap has been raised to $100,000 considering the current economic scenario and to make the university more affordable for talented students from all backgrounds.
At present, the education cost at Princeton is about $80,000 per year, including a $57,410 tuition fee; $10,960 for room charges; $7,670 for the board; and $3,500 in miscellaneous expenses. President Christopher Eisgruber announced an improvement in financial aid packages made possible by a $25 million increase in the school’s endowment.
The new level of financial aid will be available to about a quarter of undergraduate students currently enrolled at Princeton (about 1,500 students). Many families with income above $100,000 but less than $150,000 will also receive additional aid. Even families with higher income levels that have multiple children in college will benefit from the new initiative.
If you or your family fall within the income range eligible for this program, Princeton could be a very viable option for your college education.
Princeton University was the first American university to eliminate loans from its financial aid packages in 2001. Since then, more than 10,000 undergraduates have received student grants to cover all their financial needs (without the need to repay them).
Recently, US President Joe Biden also announced a sweeping student loan forgiveness plan. Under this plan, federal student loans will be forgiven after 20 years of repayment (or 10 years if the borrower works in public service).
Hopefully, other Ivy League schools and universities will follow suit and offer similar programs in the near future.