Ivy League Princeton University announced plans to fully cover the cost of tuition for all students who come from families that earn less than $100,000 a year for the upcoming school year.
The new policy includes all aspects of financial contribution. The cost of tuition, room, board, and meal plans will be covered come Fall of next year. According to a press release explaining the ins and outs of the soon-to-be enacted aid, they hope to allow more Princeton students than ever to graduate without any debt.
The Dean of Admissions and Financial Aid said about the new update, “The changes to our already generous financial aid policies will be an important part of the work that the Office of Admission does to recruit students from various socioeconomic backgrounds, showing them that a Princeton education is an affordable education.”
The President of Princeton University, Christopher Eisgruber, told the New York Post, “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. 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.”
Their intention to expand socioeconomic diversity will hopefully allow more students to attend the university without increased financial stress. The Princeton website estimates this year’s tuition at almost $80,000.
According to Princeton’s demographics, only 10% of their undergraduate body is Black, and the median family income currently sits at almost $200,000, making it disproportionately skewed against Black students. Princeton representatives hope that the coming changes to financial aid will positively impact the distribution.