NEW YORK (BLOOMBERG) -- Princeton University is expanding its financial aid program, announcing that most students from households making as much as $250,000 a year won’t pay tuition starting this fall.
Princeton also said families making $150,000 or less will have tuition and expenses covered. It’s part of the school’s plan to boost its overall financial aid spending for undergraduate students by about 16% to $327 million for the 2025-26 academic year, according to a statement.
The increased financial aid for middle-class families comes after rival schools including Harvard, the University of Pennsylvania and MIT announced similar programs over the past several months.
While Ivy League institutions and other elite universities continue to be flooded with applications, there is growing backlash to the soaring cost of attending college.
At the same time, colleges and universities face budget pressure as the Trump Administration slashes funding and tries to curtail international enrollment as part of a broad effort to reshape higher education.
As part of its financial aid announcement, Princeton also shared the racial makeup of its incoming first-year class. After the Supreme Court banned affirmative action in higher education, the Trump administration has said it will require schools to prove they no longer consider race in admissions.
The number of first-year students self-identifying as Asian American grew to 27% from 24% last year, and students identifying as Black or African American dropped by nearly four percentage points to 5%.
Around 14% of the incoming class is international, a cohort that has been threatened by visa delays in recent months.
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