Princeton University announced a major expansion of its financial aid program on Thursday. Under the expansion, most students who have family incomes up to $100,000 will not pay Princeton anything. And those with family incomes of up to $150,000 will owe only $12,500. The sticker price for tuition and room and board at Princeton is more than $75,000.
Previously, all students were expected to contribute $3,500 (a charge that has been eliminated), and families with incomes of $65,000 to $90,000 had to contribute $8,500.
Princeton is also making other changes. For example, the university will increase from $3,500 to $4,050 the annual personal and books allowance used in financial aid packages. Additionally, Princeton will make it possible for the students with the highest financial need to bring two guests (typically family members) to campus for first year move-in and for senior year commencement.