Co-founder of the National Institute of Certified College Planners Ron Them said the University is “the best deal of the century” in a Bloomberg article this week.
The article says that Princeton is the school that offers the cheapest financing to parents to supplement need-based aid by offering 1.2 percent, no-fee loans to families with annual incomes up to $500,000. Princeton’s loans are cheaper than those offered by the federal government, and parents have 10 years after their child graduates to repay them, according to the article.
University Director of Undergraduate Financial Aid Robin Muscato told Bloomberg that about 10 percent of undergraduate parents took out parent loans to pay for their child’s education at the University in the last four years, of which 95 percent were administered through the University’s program.
The average annual amount borrowed is $19,000 for students receiving need-based aid and about $36,000 for those who do not.
With an endowment of $18.2 billion, the University is the fifth-richest college in the United States, according to the National Association of College and University Business Officers.
The only hitch, according to Bloomberg? “Your kid has to get into Princeton University.”