Princeton to restructure financial aid awards, reduce expected student contributions
Princeton University will consolidate the current summer earnings and campus job expectations for undergraduates receiving financial aid into a single, smaller student contribution amount. The change becomes effective for the fall of 2020, applying to the entering Class of 2024 and all continuing students.
Currently, financial aid packages include an average summer earnings contribution of $2,350, along with approximately $3,300 from a campus job during the year, totaling $5,550. Under the new package, which eliminates a separate summer earnings expectation, students will have a single expected contribution of $3,500. This amount equals the estimated out-of-pocket cost to students for books and personal expenses, costs directly managed and paid by students.
The difference between the old and new student contribution amounts will be covered by grant aid.
“We are hopeful that this change will offer students more flexibility to pursue academic, internship and service opportunities between and during academic years,” said Provost Deborah Prentice.
Students will continue to have many options for how to meet their contribution, such as a campus job during the academic year or savings from a summer job or gifts. As under the current policy, outside scholarships may also be used to replace the student contribution.
“We believe this change offers substantial benefits,” said Robin Moscato, director of undergraduate financial aid. “Given the lower student contribution and the emphasis on campus jobs during the year, the Office of Financial Aid and Student Employment is eager to explore ways to enhance the campus employment program.”