Summer Savings Replacement Information
From the Financial Aid Office
Princeton’s generous financial aid program includes a provision that gives students more choice in how they spend the summer. By offering replacement aid, described in more detail below, participation in an unpaid summer service program becomes a viable option for aid students.
Although a summer savings expectation is a standard part of almost all financial aid packages, replacement aid can be requested in the fall. This aid typically consists of one-half University grant and one-half self-help aid. (Self-help aid can be an interest supported student loan, an increase in academic year earnings, or some combination of the two.) Students who are unable to save the amount expected from a summer job can request the replacement aid in September by making an appointment to speak with a financial aid counselor and filling out a Request for Summer Savings Replacement, available on the Undergraduate Financial Aid website.
As a result of Princeton’s “no-loan” policy, aid students start out in the very enviable position of not having a loan included in their initial financial aid award. If a Princeton student chooses to borrow, for either an increase in educational expenses beyond the standard budget or a shortfall in family resources, the loan debt is minimal compared to the national average of over $20,000.
Typical summer savings expectations for 2010-11 range from $1,050 to $2,550. Some students may have a lower expectation.
Students also have the option of accepting only the grant portion of the replacement aid. Since summer savings are generally used to cover books and personal expenses, it may be that your own expenses are such that you don’t need to replace the entire shortfall and opt to take only the grant.
We encourage you to speak to a financial aid counselor to talk about your own specific circumstances.
Undergraduate Financial Aid
Box 591, 220 West College
Princeton, New Jersey 08542-0591
Telephone: (609) 258-3330
Fax: (609) 258-0336