Mercer Times

The trustees of Princeton University have approved a budget for the 2024-25 academic year, with a significant increase in spending on undergraduate financial aid and graduate student support. The total budget for the University is set at $3.1 billion, with a focus on enhancing access, affordability, and socioeconomic diversity.

Provost Jennifer Rexford highlighted Princeton's commitment to supporting students from all backgrounds, stating, "At Princeton we make big bets on human talent from all sectors of society. We attract amazing students — at both the undergraduate and graduate levels — and go the extra mile to make their educational ambitions affordable."

The budget includes a 7.8% increase in the undergraduate financial aid budget, totaling $279 million. The University's financial aid program is known for its generosity, with most families with incomes up to $100,000 paying nothing to attend Princeton. Additionally, nearly half of all Princeton students receive aid that covers the full cost of tuition.

In terms of graduate student support, Princeton will increase average fellowship and stipend rates by 4.25% for the upcoming academic year. The total graduate student support is expected to rise by 6.7%, reaching $335 million. This increase in support reflects the University's dedication to providing financial assistance to a diverse student body.

The budget approval aligns with Princeton's ongoing efforts to enhance access and affordability. The University has made significant strides in diversifying its student body, with 67% of students in the Class of 2027 receiving financial aid, compared to 52% in the Class of 2008. The Board of Trustees has also set ambitious enrollment goals for low- and middle-income students, aiming for a student body that is at least 70% eligible for need-based financial aid.

Princeton's financial aid packages consist of grants that do not require repayment, allowing students to graduate debt-free. The University recalculates aid packages annually to accommodate changes in expenses and family circumstances. The majority of the undergraduate financial aid budget is covered by the University's endowment distributions and investment income.

Overall, the approved budget reflects Princeton's dedication to supporting students from diverse backgrounds and ensuring that financial barriers do not impede access to quality education.