Princeton University is an excellent university in Princeton, New Jersey. It is part of the Ivy League Schools, which is a group of universities famous worldwide for its prestige and academic excellence.
It is also labeled as a pathway for success, and if you do attend one of the Ivy League Universities, it is the case that you will most likely be successful. In this article, we will be looking at one particular Ivy League school, and in particular, Princeton University scholarships and financial aid for incoming freshmen.
There are currently over 5,000 undergraduates and 2,500 postgraduate students studying at this excellent university. These students receive generous scholarships from Princeton University. The award comes from its large endowment, government grants, and alumni donation. The endowment of Princeton University is estimated to be $25.9 billion, which is an astronomical sum.
Also, there are many alumni who have been successful. Successful alumni include Woodrow Wilson, a former President of the United States; Jeff Bezos, a multi-billionaire who founded Amazon; and F. Scott Fitzgerald, a famous author who won multiple awards for his work. There are countless other successful alumni other than this handful, and many of them donate large sums of money to Princeton University. Now, let’s take a look at how much a Princeton education costs.
Princeton University Cost of Attendance
The cost of attendance to study at Princeton is approximately $73,000 per year. This cost includes tuition, which is approximately $51,000; Room and board, which costs approximately $17,000; and personal costs, which is approximately $4,000. There are other smaller fees to make the cost of Princeton Education $73,000 a year.
There are not many families in the world that can afford to spend $73,000 a year for one child’s education. So, there are Princeton University scholarships that help students from families who cannot afford to pay this much. So, let’s take a look!
Princeton University Scholarships
Princeton University meets 100% of the demonstrated financial need of every student that attends Princeton. So, what does this mean? Demonstrated financial need is the difference between the cost of attendance and how much you can pay per year. The official terminology of how much you can pay per year is Expected Family Contribution, which is calculated from FAFSA and Princeton Financial Aid Application. These forms ask you questions about your family’s financial situation and then calculates how much your family can afford per year for their child’s college education.
So, basically, Princeton University will take the difference between the cost of attendance and your Expected Family Contribution (How much your family can pay per year) and cover it through Princeton University scholarships, grants, and work-study.
An important aspect to note is that Princeton University does not award loans as part of their financial aid package. This is a huge plus because some universities do offer loans to cover the need of the students, which is not good compared to grants and scholarships because loans need to be repaid.
Also, good news to prospective students is that they do not have to worry about their admissions results being affected by how much scholarships they require. Princeton University practices need-blind admissions, which means that the financial need of a student does not affect their admissions.
How to Apply for Princeton Financial Aid
To apply for financial aid, you first need to apply for admissions. Then, there are several financial aid forms that you need to complete, which are the Princeton Financial Aid Application and FAFSA. These forms will calculate the Expected Family Contribution, which was discussed earlier on. Then, you will need to submit financial forms such as your parents’ tax statements.
Financial Aid Deadlines
The deadlines to submit these financial aid forms vary. If you are applying through Single-Choice Early Action, you need to submit these documents by November 9, and for regular decision, February 1. It is recommended that you submit these earlier on so that you don’t rush your application.
Facts and Numbers for Princeton University Scholarships
To give you an idea of how many scholarships are given by Princeton University, the university has posted some numbers about their financial aid. If your family earns less than $160,000 and have typically assets, you will likely receive a full-tuition scholarship.
Let’s break down even further by family income. If your family makes less than $65,000, you will likely receive full tuition, room, and board scholarships. If your family makes $65,000 to $85,000, you will receive around full tuition and 75% the room and board scholarship. If your family makes $85,000 to $100,000, then you will receive around full tuition and 32% the room and board scholarships. If you are interested in scholarships for other family incomes, visit Scholarships Figures Page.
You should keep in mind that family income is not the only factor that determines your aid although it is probably the most important factor. Other factors that affect your aid include family size, assets, number of siblings in college, etc.
The average grant was approximately $53,000, which covers the tuition fee for Princeton University. Also, over 80% of the graduates graduate debt-free, and the average loan for those that have student debt was $9,000. This is a small amount of money for quality education at Princeton.
So, you can see that Princeton University awards generous scholarships for its students and that once you get accepted, you will be financially able to attend the university. The hardest part is getting accepted.
Net Price Calculator
If you want to get an estimation of how much Princeton University Scholarships you will receive, you can use the Net Price Calculator. It will take your financial situation into account and will give you an estimation. So, it’s a quick and easy tool to estimate your financial aid package.
I hope that this article on Princeton University Scholarships and Financial Aid was helpful. If you are from New Jersey, I highly recommend that you visit the New Jersey Scholarship Category. If you are not, you should visit Authority Scholarships Page and go to the category of your state. These will likely be the most affordable for your family.