Photo Credit: Princeton University
Now, students from low-income households may enroll in one of the best colleges in the country. The Princeton University of New Jersey announced that it would not charge tuition to students whose families earn less than $100,000 annually.
The former First Lady of the United States, Michelle Obama, Supreme Court Justice Sonia Sotomayor, Jordan’s Queen Noor, and Amazon founder Jeff Bezos are just a few famous people who attended Princeton.
Prior to this, only families with an annual income of less than $65,000 were eligible for the full financial assistance offered by Princeton. The number of students who got the subsidy was drastically reduced. With the enhanced threshold, 1,500 students, or over 25% of undergraduates, are now fully covered by financial aid. Additionally, the budget would pay for both lodging and tuition.
Many parents who want their children to be accepted into an Ivy League institution find the new subsidy scheme of tremendous assistance. According to statistics on the University’s website, the tuition cost at Princeton University is close to $80,000 per year.
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Subsidy is a big help to families
More students are being admitted to the program due to the expanded financial assistance options. In addition, Princeton is committed to providing accessible education, according to 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,” the president 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.”
In the fall of 2023, the program will begin accepting students. The school also canceled the yearly student contribution. The funding for the contribution comes from the students’ savings and labor on campus. Princeton also boosted the financing for the students’ allowances for books and other costs.
According to Princeton dean Jill Dolan, the choice was taken as an obvious demonstration of the administration’s dedication to inclusiveness and diversity. Dolan asserted that the University would have a more varied student body and that this would lead to greater opportunities for students to interact with people from different cultures.
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More changes for Princeton
Dolan noted that the beginning of fall 2023 would see other modifications. To ensure maximum financial flexibility for students, especially those who are suffering, packages will be made available.
An extract from Princeton’s press release is provided below:
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
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