WASHINGTON — Starting next year, undergrads at Princeton University will get a full-ride for financial aid if their families make less than $100,000 annually.
The Ivy League school announced the expansion of its financial aid program on Thursday.
Under the current rules, most families making less than $65,000 a year pay nothing for an undergraduate student’s tuition, room and board. Those costs are paid for by grants, instead of loans, and don't need to be repaid.
“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 L. Eisgruber said in a press release.
Without any financial aid, the cost of attendance for 2022-2023 is $79,540 including tuition, room and board and estimated miscellaneous expenses.
According to the university, under the expanded program it's expected that roughly 1,500 undergrads - which accounts for more than 25% of undergrads - will receive financial aid that covers all their tuition, room and board. The university said the move is meant to help attract talented students from all backgrounds.
One hurdle that students will still have to face though is meeting the high bar just to gain admission into the prestigious school. Last year, there were more than 37,000 applicants and only 1,647 admits for Princeton's Class of 2025, according to the school's website.
This comes as the cost of college around the country has soared over the past two decades, adding to the growing amount of student debt. About 43 million Americans have federal student debt, with an average balance of $37,667, according to federal data.
