‘If you can get into Princeton, you can come here.’ Princeton University overhauls financial aid
Students who have dreamed about going to Princeton University will soon have an easier time affording it.
The university announced last week that students whose families earn below $100,000 a year will be given a free ride.
“If you can get into Princeton, you can come here. It’s going to be affordable for many, many students,” says Princeton spokesperson Mike Hotchkiss.
Hotchkiss says that the new rules go into effect at the start of the 2023 school year. The previous threshold for free tuition was families earning $65,000.
“So that’s tuition, room, board expenses. The university will cover all of that,” Hotchkiss says. “Being able to attract students from all across society is just crucial to what we do at Princeton, so that is one part of that effort.”
This will be for all undergrads, not just incoming freshmen. It could help 1,500 students.
One of them is sophomore Lillian Fitzgerald.
“I think it's something that should've been done way earlier,” she says.
She's referring to Princeton’s $37 billion endowment - money that will primarily be used to pay for this aid.
"Personally, I wasn't even thinking to apply here until I realized just how good Princeton's financial aid was,” Fitzgerald says.
This kind of anxiety over being able to afford to attend Princeton should go away.
However, Louisa Saromim pays full price. She says that she is all for the diversity the change will bring, but her issue is the overall cost of education in this country.
"At first blush to me it seems incredibly high to me, and I'm confused what aspects of the experience are costing so much,” she says.
The university says it understands the feelings of pressure for families trying to afford college, especially those with more than one child.
And with costs rising around the United States, the university says this could help a student who has that dream to attend Princeton.
Princeton says it takes pride in having graduates leave without being in debt. It says 83% of last year’s senior class graduated without student debt.