Flush with alumni contributions, scholarship programs and an endowment that has more than tripled to $8 billion since 1990, Princeton University will make outright grants to students instead of giving them loans, the Associated Press reported Feb. 21.
The move, believed to be unparalleled among top U.S. schools, aims to make the Ivy League school more affordable to low- and middle-income students, AP said.
But the cost, totaling millions of dollars, is likely to keep other schools from following Princeton’s lead, AP said.
Roughly 40 percent of Princeton’s 4,600 undergraduate students receive financial aid. Tuition, room and board totals $33,163 a year, or more than $134,000 over four years.
The typical U.S. student must repay $15,000 after school.
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