Photo Credit: Princeton University
Students from low-income families now have the chance to enroll in one of America’s top universities. The Princeton University of New Jersey said it would require no payment from enrollees whose family income is less than $100,000 yearly.
Princeton is the alma mater of several of the world’s most recognizable faces, including Michelle Obama, the former First Lady of the United States, Sonia Sotomayor, a Supreme Court Justice, Queen Noor of Jordan, and Amazon founder Jeff Bezos, among others.
Before, the full financial aid provided by Princeton only covered families with less than $65,000 yearly income. This significantly limited the number of students who received the subsidy. However, with the expanded standard, over 25% of the undergraduates or about 1,500 students, are now covered with the full financial subsidy. In addition, the allocation would cover both tuition and board stay.
The new subsidy program is a great help for many parents who want their sons or daughters admitted to an Ivy League university. As per calculations on the University’s website, a year’s worth of tuition in Princeton costs almost $80,000.
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A big help to many
The increased scope of the financial aid increases the number of students admitted into the program. The President of Princeton, Christopher L. Eisgruber, said that it commits to accessible education.
“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,” he said.
“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.”
The program will start admitting students in fall 2023. Meanwhile, the annual student contribution was aborted by the company. The contribution is a tuition payment sourced from the students’ savings and campus work. Moreover, Princeton increased the funding for the students’ allowances for their books and other expenses.
Jill Dolan, a dean at Princeton, said that the decision was made as a clear manifestation of the administration of their commitment to diversity and inclusivity. Dolan said that when more students can access the University, the more diverse the halls would be, aiding in more cross-cultural experiences among students.
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More changes to come
Dolan added that more changes will be slated for the start of fall 2023. Packages will be offered to students to assure maximum flexibility with students’ finances, especially those who are struggling.
Here is an excerpt 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.”
Source: CNN
