Princeton University, an Ivy League school is covering for students whose parents earn less than $100,000 per year.
Princeton university updates its financial aid scheme
On Thursday, Princeton University announced that students belonging to the income bracket no longer need to pay to attend the prestigious Ivy League. Previously families making less than $65,000 were privy to this benefit. Now, 25 percent of undergraduate students, over 1,500 students will receive financial aid covering the cost of tuition and boarding. The full annual cost of attending the institution costs almost $80,000. Famous alumni of the school include Supreme Court Justice Sonia Sotomayor, former First Lady Michelle Obama, Queen Noor of Jordan, and Amazon founder Jeff Bezos.
Additionally, as per the news release, the financial aid expansion will also help families that earn up to $150,000.
“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,” stated Christopher L. Eisgruber. Eisgruber is the president of the University. “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,” he added.
More on the new financial aid scheme
The new and improved financial aid scheme is first available for students starting at Princeton University in fall 2023. The university also eliminated annual student contributions. It is a part of the tuition and expenses students were expected to pay with a combination of their savings and on-campus work. In addition to this, it increased aid money for books and personal expenses.
Jill Dolan, dean of the college at Princeton, emphasized “socioeconomic diversity”. Arguing that the move will benefit “more students from across backgrounds to learn from one another’s life experiences”. “Princeton’s historic support for lower-income students has made our distinguished liberal arts education available to a broad range of students from around the world. We’re pleased to take these next steps to extend the reach and effect of Princeton’s financial aid,” stated Dolan.