Princeton Increases Tuition 3.9% to $43,450 While Boosting AidLaura Colby
Princeton University raised its tuition 3.9 percent, to $43,450, for this fall, while increasing scholarships to students who can’t afford the full price.
In approving its $1.75 billion annual budget for the 2015-2016 academic year, Princeton allotted $140 million for financial aid, up 7.4 percent from a year before, the New Jersey Ivy League school said Monday in a statement. It projected that 40 percent of undergraduates this fall will pay the full sticker price of $57,610, including room and board.
Tuition costs continue to outpace inflation, which stood at 0.8 percent in the year through December, according to Labor Department data. Princeton and a relative handful of the nation’s wealthiest colleges have been able to blunt the impact of these costs through generous financial-aid policies. Typically, students from families with the U.S. median household income of $54,000 pay no tuition and their average grant also covers room, board and other expenses, Provost David Lee said.
“Our increased financial-aid budget will maintain Princeton’s commitment to full access for any student who is admitted, regardless of ability to pay and without the need for loans,” Lee said in the statement.