Most families earning up to $100,000 a year will pay nothing for classes starting in 2023.
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Families earning above $100,000 will still qualify for aid, with most of the additional scholarships going to families making less than $150,000 and families with multiple children in college.
The expanded scholarship program is part of Princeton's efforts to be more inclusive.
Previously, the annual income level was capped at $65,000 a year for families.
Princeton was one of the first universities in the country to eliminate loans from its financial aid packages in 2001. Since then, more than 10,000 undergraduate students have graduated with grants paying for their full tuition.
"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," President Christopher Eisgruber 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 new financial aid policies will take effect for all undergraduate students starting in fall 2023.
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Under the new policies, families making less than $100,000 will pay nothing for tuition or room and board. More than 25% of the student body is expected to receive this level of aid.
The university will also eliminate the $3,500 student contribution, which was typically earned through working a campus job and summer savings.
The hope of eliminating the contribution is to allow more students to travel abroad and pursue other curricular activities during the summer and school year.
Students can also apply for an annual personal and book allowance of up to $4,050 per school year.
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