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Princeton University announced that it will provide full scholarships to students whose families earn less than $100,000 a year. The financial aid will also cover the costs for room and board.
For the 2022-2023 school year, the tuition at Princeton, including room and board, is $79,540.
The new policy will take effect for the Fall 2023 semester. The school said that roughly 1,500 undergraduates, about 25% of the student body, will be eligible for the financial aid package.
"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," Princeton President Christopher L. Eisgruber said in a press release. "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 Ivy League university created a sliding scale to determine how much a family will have to pay to attend the school. Those who make at least $150,000 will have to pay $12,500 out of pocket. Families with at least $200,000 in yearly income will pay $25,000. Those who earn $250,000 a year will owe $37,500, and those who pull in $300,000 will have to pay $50,000. Families who earn more than $300,000 will not be eligible for the financial aid package.