Getting into remains the hard part, but paying the bill to go to Princeton University just got a lot easier.
Princeton announced Thursday that the Ivy League school is now offering full rides to undergraduates from families earning up to $100,000 a year, and expects to have more than a quarter of its undergraduate tuition, room and board. won’t pay anything for it.
Princeton previously offered the same deal to families earning less than $65,000 a year, with financial aid taking effect in the fall of 2023 and expected to cover about 1,500 students.
While most families earning $100,000 won’t pay anything, according to Princeton, many people with incomes in the six figures will also help, including many kids in college. The university was the first university in the US to eliminate debt from its financial aid packages, a move it noted in 2001.
“We know that Princeton can achieve its research, teaching and service goals only if it attracts the best talent from across society. With this in mind, we are expanding our need-based financial aid program,” University President Christopher Eisgruber, Told In a videotape announcement.
The estimated annual cost of attending Princeton without financial aid is $79,540 and includes tuition, room, board, and miscellaneous expenses. To School, which resides in Princeton, New Jersey.
Princeton is also scrapping a policy that requires students receiving financial aid to contribute $3,500 per year to pay for books and other expenses.
Princeton’s efforts are supported by an endowment that enjoyed a 47% investment return for the year ended June 30, bringing its total value to $37.7 billion, according in the University.