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NEW JERSEY – Princeton University announced Thursday that students whose families make $100,000 or less will get free full rides starting next year.

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According to the Washington Post, for the past six years, Princeton has given full rides for undergraduate students whose families make under $65,000 a year, but has now extended it to most families making $100,000 or less. The full rides would include tuition for undergraduate students, room and board through financial aid.

The Washington Post said that the new full-ride benchmark increase will go into effect for the Fall 2023 school year.

According to a news release from Princeton University, they were the first university in the United States to eliminate loans from their financial aid packages, helping over 100,000 undergraduate students.

“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,” Princeton President Christopher L. Eisgruber said in a news release. “These improvements to our aid packages, made possible by the sustained generosity of our alumni and friends, will enhance the experiences of students during their time at Princeton and their choices and impact after they graduate.”

On average per year with no financial aid, Princeton costs about $79,540, according to the Washington Post. A full ride for four years is valued to be over $300,000.

Princeton also announced other changes, including the $3,500 student contribution requirement that is earned through summer savings and campus work will be eliminated so that students can have more opportunities to study abroad or participate in other activities.

“President Eisgruber continues to emphasize Princeton’s commitment to talented students from across the country and around the world,” Dean of Admission and Financial Aid Karen Richardson said in the news release. “The changes to our already generous financial aid policies will be an important part of the work that the Office of Admission does to recruit students from various socioeconomic backgrounds, showing them that a Princeton education is an affordable education.”

More information can be found on Princeton’s website.