Princeton University Updates Tuition Subsidy Program, Students from Families Making Under $100,000 Yearly now Free from Tuition

Photo Credit: Princeton University

One of America’s best colleges is now open to students from low-income households. Students whose families make less than $100,000 annually are not obligated to pay the Princeton University of New Jersey tuition.

Some of the most well-known people in the world attended Princeton University, including Amazon founder Jeff Bezos, Queen Noor of Jordan, Sonia Sotomayor, and Michelle Obama, the former First Lady of the United States.

Previously, only families making under $65,000 a year were entitled to the full amount of financial help offered by Princeton. Because of this, fewer students were eligible for the financing. A total of 1,500 students, or more than 25% of undergraduates, are now qualified for the entire financial aid, thanks to the enhanced criteria. The budget also includes money for board and tuition.

The new subsidy program is a huge aid for many parents who want their children to be admitted into an Ivy League university. According to the University’s website statistics, Princeton’s tuition is over $80,000 per year.

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Families get huge help from the subsidy program

The number of students accepted into the program rises due to expanded financial assistance options. Princeton University is committed to providing accessible education, stated its president, Christopher L. Eisgruber.

“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,” said Eisgruber.

“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.”

Beginning in the fall of 2023, the program will accept new students. The institution, meanwhile, opted against the yearly student contribution. The contribution is a tuition payment made possible by the students’ savings and employment on campus. Additionally, Princeton raised the money allocated to the students’ allowances for their books and other expenditure allowances.

Princeton’s Jill Dolan, a dean, asserted that the decision clearly demonstrated the administration’s dedication to diversity and tolerance. According to Dolan, the University will have a more heterogeneous student body as more people may enroll there, enhancing the opportunities for students to interact with individuals from various backgrounds.

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Changes are up for Princeton

Dolan continued by saying that the beginning of fall 2023 will see other adjustments. Especially for those suffering, packages will be made available to students to provide maximum financial flexibility.

From Princeton’s press release, here is an excerpt:

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.

More than 25% of undergraduates are expected to receive aid covering full tuition, room and board. 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.

Source: CNN

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Anthony Gomez

Posted by Anthony Gomez

Anthony is a part-time professor and full-time entrepreneur. He loves writing and teaching people the ins and outs of business.

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