Princeton’s pioneering financial loans have benefited more than 10,000 students in the past 20 years
Twenty years ago, Princeton made history when it became the first university in the country to cut loans from its financial aid programs. The move allowed students to graduate debt-free and opened the doors of Princeton to talented young people who previously would have found the University unaffordable.
On January 27, 2001, the Board of Directors voted to replace loans with grants that do not need to be repaid. Today 83% of Seniors Graduate Debt Free Thanks to Princeton ‘Loan Free’ Pioneer financial loans program for undergraduates.
“Affordability and access have become signature commitments for Princeton, and we have attracted spectacular students who would not otherwise have studied or thrived here,” President Christopher L. Eisgruber recently wrote in Princeton Alumni Weekly.
Financial loans to Princeton is recognized as one of the most generous in the country, and the University’s landmark decision in 2001 had a major impact on higher education.
“People immediately recognized that Princeton had done something extraordinary,” Eisgruber wrote. “No Loans” has become a defining benchmark for American education financial aid programs. At least 20 colleges and universities now meet 100% of the needs of undergraduate students without forcing them into debt. A much larger number are “no loans” for students below certain income thresholds. ”
For families earning up to $ 65,000 per year, Princeton’s average financial loans program covers 100% of tuition, room and board.
Princeton’s Financial Aid Program provides the necessary assistance to ensure that all students, including international students, who are admitted and in need of financial aid can attend. Over the past 20 years, the University has broadened its commitment to ensuring that a Education in Princeton is affordable for every student who attends.
Financial Aid Director Robin Moscato estimates that more than 10,000 students have benefited from Princeton’s financial aid program over the past 20 years. Moscato said the university had a strong financial aid program prior to 2001, but the decision to phase out loans entirely was a game-changer.
About 61% of Princeton undergraduates receive financial loans.
The impact of Princeton’s decision in 2001 to eliminate loans and expand its financial aid program can be seen in several ways. For example:
- Today, about 61% of undergraduates receive financial aid. In 2001, only 41% of undergraduates received assistance.
- Among recent seniors, 83% graduated debt free. For those who choose to borrow, the average debt at graduation is around $ 9,400, which is one of the lowest averages in the country.
- In Class 2024, over 20% of students are eligible for Federal Pell Grants for Low Income Students, reflecting the University’s enduring commitment to attracting, enrolling and supporting extraordinary students from all walks of life.
- The average financial aid program covers 100% of tuition, accommodation and meals for families earning up to $ 65,000 per year.
- 100% of families requesting financial assistance earning $ 180,000 per year or less are eligible for financial assistance.
Of recent Princeton seniors, 83% graduated debt-free. For seniors who chose to borrow, the average total debt at the time of graduation was $ 9,400.
Moscato, who joined the financial aid office in 1983, saw first-hand how students, alumni, and their families have benefited. Moscato remembers wearing a Princeton sweatshirt on her way to a Philadelphia hospital, when she managed to get into an elevator with two med interns.
“The interns said they were Princeton alumni and asked if I was too,” Moscato said. “When I told them I worked at the financial aid office, they looked at me and said, ‘Oh, thank you! “”
After the 2010 launch, Moscato received an email from a proud parent in Princeton that said, “As I sat in the sun and the trees outside Nassau Hall yesterday morning, I thought of you and all those who implement Princeton’s extraordinary commitment to financial aid. . We are deeply grateful for all that has been done to [our student] and, indirectly, his siblings. Thanks thanks!”
Moscato said: “It’s those little personal moments, like the elevator ride, that meant the most to me.”
Looking ahead, Princeton’s financial aid budget will increase again when the two new residential colleges will open in fall 2022, allowing the University to admit 125 additional students per year. Eisgruber said the university is committed to meeting all the financial needs of each student in the extended class. Find out here https://bridgepayday.com/ for more loan offers