Princeton to offer full rides to families make less than $100K a year

Starting next year, Princeton University will offer full rides to undergraduates from families earning less than $100,000 a year, the Ivy League school announced this week. 

Financial assistance is slated to take effect in the fall of 2023 and expected to include about 1,500 students, according to information released Thursday from the school.

In addition to a full ride, the school said it predicts more than a quarter of its undergraduates will also not pay for tuition, room and board.

The university previously gave the same deal to families earning less than $65,000 a year, according to a Princeton news release.

“The improvements continue Princeton’s national leadership in the area of financial aid as families across the income spectrum struggle with rising college costs,” the university wrote in the release.

In 2001, Princeton was the first university in the country to eliminate loans from its financial aid packages, the release continues. Since then, more than 10,000 undergraduates have benefited from Princeton’s aid program, which meets students’ full financial need with grants that do not need to be repaid.

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Princeton President Christopher L. Eisgruber said in the release that the improvements to the school’s paid packages are from “generosity of our alumni and friends.”

“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,” Eisgruber said.

Natalie Neysa Alund covers trending news for USA TODAY. Reach her at nalund@usatoday.com and follow her on Twitter @nataliealund.