On Friday, March 29, the trustees of Princeton University adopted an operating budget of $3.1 billion for the upcoming academic year, a roughly 6.2 percent increase from the 2023–24 total operating budget of $2.92 billion. The budget also includes an increase in undergraduate financial aid from $268 million to $279 million.
According to the University press release, the new estimated grant for undergraduates receiving aid will be $74,380. In 2001, Princeton replaced loans with grants, becoming the first university in the country to do so and making it so that students would not have to pay back their financial aid.
The increase in funding for financial aid comes as the University seeks to increase the proportion of the student body on financial aid. In a report from March 14, 2024, the Ad Hoc Committee on Undergraduate Admission Policy highlighted new enrollment goals, aiming to enroll an undergraduate student population that consists of at least 70 percent need-based financial aid and 22 percent receiving Pell Grants.
This increased financial assistance builds upon previous aid expansion in Fall 2023, which saw the University expansion of the financial aid program that eliminated the student contribution requirement while also expanding full financial aid eligibility to families making up to $100,000 annually. Previous to this change, significant financial aid was only eligible for families making up to $65,000.
The press release also detailed an increase in graduate student financial aid. The Princeton Graduate Students Union (PGSU) has consistently cited financial reasons for their efforts at unionization, including demands for “competitive annual pay raises and contingency funding for graduate workers facing unforeseen difficulties.”
“Total graduate student support will have increased by more than 23 percent between fiscal year 2022 and fiscal year 2024, to an expected $321 million,” the University wrote.
Financial accessibility was a main focus of President Christopher Eisgruber ’83’s 2024 State of the University letter, where he wrote of “trailblazing improvements to both undergraduate financial aid and graduate scholarships” that allowed for Princeton to support more “talented students and scholars from all socioeconomic backgrounds.”
According to the press release, the “estimated ‘net cost after aid’ to attend Princeton for the average scholarship recipient is expected to be approximately $13,000 for 2024–25.”
Christopher Bao is an assistant News editor for the ‘Prince.’
Please send any corrections to corrections[at]dailyprincetonian.com.
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