Princeton University Financial Aid and Merit Scholarships: A Comprehensive Guide

Princeton University is committed to providing an accessible and affordable education to all qualified students, regardless of their financial background. The university's financial aid program is recognized as one of the most generous in the country, ensuring that talented individuals can pursue their academic aspirations without being burdened by excessive debt.

Princeton's Commitment to Affordability

Princeton University firmly believes that financial circumstances should not be a barrier to higher education. The university's commitment to access and affordability is reflected in its need-blind admission policy, which ensures that an applicant's ability to pay does not influence their chances of admission. This policy fosters a diverse student body from all socioeconomic backgrounds.

Princeton meets 100% of every admitted student's demonstrated financial need with grant aid. The university determines a family's ability to pay using its own simplified formula.

Financial Aid: Grants, Not Loans

Princeton's financial aid program stands out for its emphasis on grants rather than loans. Since 2001, grants have replaced student loans in the financial aid packages for all aid recipients, including international students. This no-loan policy ensures that students can graduate from Princeton debt-free, allowing them to pursue their passions without the burden of financial obligations.

Financial aid covers the full cost of attendance, including tuition, housing, food, books, and personal expenses, for most families with incomes up to $150,000 a year. Most undergraduate families with incomes up to $250,000 will pay no tuition.

Read also: Decoding Princeton Admissions

Who is eligible for financial aid?

To be considered for financial aid at Princeton University, students must complete the Free Application for Federal Student Aid (FAFSA) and the Princeton Financial Aid Application (PFAA).

FAFSA

The FAFSA is a standard form used by most colleges and universities to determine a student's eligibility for federal financial aid. The FAFSA uses financial information from the prior, prior year. Students apply for a Federal Pell Grant by completing the FAFSA at www.studentaid.gov. The grant amount will vary based on the Student Aid Index, cost of attendance, and enrollment status.

Princeton Financial Aid Application (PFAA)

In addition to completing the FAFSA, applicants are required to complete the Princeton Financial Aid Application (PFAA). This is a Princeton University-specific financial aid form that helps the Financial Aid office determine an applicant’s needs for tuition assistance. This application, like the FAFSA, is typically due in the winter after regular decision deadlines have passed.

Additional Grants

Federal Supplemental Educational Opportunity Grant (FSEOG): This federal need-based grant is administered by Princeton and preference is given to students who are eligible for a Federal Pell Grant and have the lowest Student Aid Index. Students must have a valid FAFSA to be considered.
Tuition Aid Grant (TAG): TAG is for U.S. citizens or eligible non-citizens residing in the state of New Jersey who are attending a New Jersey college. Students apply for TAG by completing the FAFSA and indicating on the application that their state of residence is New Jersey.

Read also: Affording Princeton: A Cost Breakdown

Need-Blind Admission

Princeton University practices need-blind admission, meaning that the admission decision is made without regard to a student's financial need. This ensures that all qualified students, regardless of their financial background, have an equal opportunity to be admitted to Princeton.

Financial Aid for International Students

Princeton is one of the few universities in the country that do not limit financial aid available for international students. This demonstrates the university's commitment to attracting talented students from around the world, regardless of their financial circumstances.

Financial Aid Statistics

In 2023, the tuition for Princeton University is $65,210.
90% of recent seniors graduated debt-free.
69% of the class of 2029 qualified for financial aid.
The average need-based scholarship or grant awarded to first-year students at Princeton University was $71,237.
72% of first-year students received need-based financial aid in fall 2023.
Princeton University met 100% of its students’ financial aid need.
The median federal loan debt among borrowers who completed their undergraduate degree is $10,320.

Understanding the Costs

The sticker price at Princeton is $80,415. The cost of attendance can vary from year to year and will typically rise over your four years in college. College costs can look different for every student based on their financial situation.

As you’re comparing costs of different institutions, also consider the total cost and the net price. The total cost is the sticker price, plus the cost of food and housing, books and supplies, and transportation and personal expenses. At Princeton University, the total cost is $87,650.

Merit-Based Scholarships

Princeton University does not offer merit-based or athletic scholarships. However, students can use outside scholarships to supplement their financial aid package at Princeton.

Read also: Princeton Transfer Guide

Outside Scholarships

Outside scholarships are awards offered by private and non-profit organizations separate from their college. These scholarships can be need-based or non-need-based. Students typically apply for these funds on their own. Tuition benefits from employers also fall under the outside scholarship category.

In Princeton’s need-based financial aid program, which meets a QuestBridge Scholar’s full financial need, outside scholarships reduce Princeton grant funds. If your grant funds are reduced, you may recuperate up to $3,500 toward the purchase of a personal computer.

QuestBridge

Princeton is a member of QuestBridge, which is a prestigious scholarship program that supports high-achieving students from low-income backgrounds. Students who are "matched" to Princeton University through QuestBridge receive a four-year, full-ride scholarship to the school.

During the National College Match, Princeton will only match with students whose parents have a Parent Contribution of zero as determined by Princeton’s financial aid office. Students whose parents have a Parent Contribution greater than zero will still be considered for admission to Princeton during Regular Decision and will still qualify for aid to meet their full demonstrated need, if admitted.

Student Employment Opportunities

Part of a student’s initial financial aid package breakdown may include a line item for a student work-study job on campus. This work-study component suggests that students will use money earned on campus to pay part of their tuition.

Princeton has so many jobs available across campus. Additionally, many of these opportunities are specifically designated for those under a work-study financial aid program. Students can work at the Frist Campus Center, at the libraries across campus, and at the dining halls, among many other options.

Financial Aid for Graduate Students

Princeton guarantees funding for its regularly enrolled, degree-seeking Ph.D. students. The funding for master's candidates varies by department. Graduate fellowships help Princeton’s Graduate School attract the most promising emerging scholars.

Resources and Support

The Princeton Office of Financial Aid is extremely accessible to students and families. The Scholars Institute Fellows Program helps first-generation and low-income students thrive at Princeton. This program currently has about 250 undergraduate members.

Princeton Career Services holds career fairs, provides career planning services, and advises students in their internship and job searches. Princeton students undertake a vast array of summer internships to fit their individual wants and needs for the summer months.

How to Apply for Financial Aid

Complete the Free Application for Federal Student Aid (FAFSA).
Complete the Princeton Financial Aid Application (PFAA).
Submit all required documentation to the Princeton Office of Financial Aid.

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