Princeton University said it will cover all expenses for most families making as much as $100,000 a year and slash costs for those that earn more.
(Bloomberg) — Princeton University said it will cover all expenses for most families making as much as $100,000 a year and slash costs for those that earn more.
The Ivy League school, among the world’s richest, is continuing its “national leadership in the area of financial aid as families across the income spectrum struggle with rising college costs,” the New Jersey university said Thursday in a statement.
Roughly 1,500 undergraduates, about 25% of the student body, will pay nothing for tuition, housing and food under the plan, Princeton said. Previously, families making $65,000 or less were eligible. The costs for students whose families earn as much as $150,000 annually will be cut by almost half, and a “$3,500 student contribution typically earned through summer savings and campus work will be eliminated,” the university said.
“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 Eisgruber said in the statement.
Average tuition and fees at private universities nationwide averaged $38,185 for the 2021-22 academic year, according to an annual US News & World Report survey. The total cost to attend Princeton this year is $79,540. The school’s endowment totaled $37.7 billion at the end of June 2021.
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