Words by Smiley Team
Student debt is astronomical in the United States, reaching $1.75 trillion in federal and private student loan debt as of August 2022, according to the Federal Reserve Bank of St. Louis. President Biden announced that the government would forgive $10,000 in debt for most student loan borrowers but that doesn’t put much of a dent in the grand total, or address the massive expense of post-secondary education in the United States.
With that in mind some schools, like Princeton University, are taking action to make school more accessible and affordable.
Princeton announced that in Fall 2023, they will be waiving undergraduate tuition for students whose families make $100,000. Average Princeton tuition is about $70,000 a year.
On top of tuition, students will not have to pay anything for room and board and will be given $4,050 each school year for books and personal expenses.
“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 University President Christopher L. Eisgruber said.
Before, for students with families earning less than $65,000, university grants covered the cost of tuition, room, and board. For those whose household income was between $65,000 and $95,000, there was an average family contribution of $8,500.
“The changes to our already generous financial aid policies will be an important part of the work that the Office of Admission does to recruit students from various socioeconomic backgrounds, showing them that a Princeton education is an affordable education,” Dean of Admission and Financial Aid Karen Richardson said.
DONATE: Equal Opportunity Schools is an organization that helps people afford school when it would otherwise be unattainable. Consider donating.
SUPPORT: Consider ways to help your family and those around you afford school. Pass on tips to help upcoming students save money. Basically, any way that someone can escape as much debt as possible.