Photo Credit: Princeton University
The opportunity to enroll at one of America’s premier colleges is now available to students from low-income homes. Students whose families make under $100,000 annually are not required to pay tuition, according to Princeton University of New Jersey.
A number of the most well-known people in the world, including Queen Noor of Jordan, Sonia Sotomayor, Jeff Bezos, the founder of Amazon, and Michelle Obama, the former First Lady of the United States, attended Princeton.
Originally, only families with a yearly income of less than $65,000 were qualified for Princeton’s full financial help. This dramatically reduced the number of students who were eligible for financial assistance. However, because of the enhanced criterion, 1,500 students, or more than 25% of undergraduates, are now eligible for the entire financial aid. The budget would also pay for both lodgings and tuition.
Many parents who want their children to be enrolled in an Ivy League university greatly benefit from the new subsidy scheme. Princeton University’s website estimates that a year’s worth of tuition will cost close to $80,000.
Families benefit from the subsidy
More students are being accepted to the program as a result of the extended financial assistance offerings. Princeton is dedicated to providing accessible education, as stated by its president, Christopher L. Eisgruber.
“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,” said the president.
“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.”
In the fall of 2023, the program will begin accepting students. The institution, meanwhile, discontinued the yearly student contribution. Instead, the funding for the contribution originates from the students’ savings and labor on campus. Princeton also upped the financing for the students’ allowances for books and other costs.
A dean at Princeton University, Jill Dolan, stated that the choice was intended as a blatant illustration of the administration’s dedication to diversity and inclusiveness. According to Dolan, the University will have a more diversified student body as more people are able to enroll there, which will encourage more cross-cultural interactions among students.
Changes to Princeton on the way
More adjustments will be planned to begin in the fall of 2023, according to Dolan. For maximum financial flexibility, especially for disadvantaged people, packages will be made available to students.
The following is a quote from Princeton’s press release:
Princeton University will enhance its groundbreaking financial aid program, providing even more generous support to undergraduates and their families as it works to attract talented students from all backgrounds.
More than 25% of undergraduates are expected to receive aid covering full tuition, room and board. Most families earning up to $100,000 a year will pay nothing, and many families with income above $100,000 will receive additional aid, including those at higher income levels with multiple children in college. A majority of the additional scholarship funding will benefit families earning less than $150,000, and the University’s highest-need students will receive new and expanded forms of financial support.
The improvements continue Princeton’s national leadership in the area of financial aid as families across the income spectrum struggle with rising college costs. In 2001, Princeton was the first University in the country to eliminate loans from its financial aid packages. Since then, more than 10,000 undergraduates have benefited from Princeton’s aid program, which meets students’ full financial need with grants that do not need to be repaid.
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