The cost of attending Princeton University is going up by 4.5 percent, the school’s largest hike in tuition and fees in six years. But the school’s governing body raised the amount of financial aid given to students to make up for the difference.
The $51,280 price tag for undergraduate students living on campus next school year was approved by the Ivy League school’s board of trustees Saturday. The changes includes a 4.5 percent increase in tuition to $38,650, a 5.4 percent increase in room charges to $6,950, and a 3.8 percent increase in board rates to $5,680 for a full meal plan.
"All students who receive financial aid are insulated from any increases, because aid packages are automatically adjusted to compensate for changes in fees," said Princeton Provost Christopher Eisgruber.
The trustees also signed off on a 5.6 percent increase in scholarship money to undergraduate students. University officials say the amount of financial aid Princeton provides has consistently outpaced the rise in tuition and fees, making the "net cost" of attending the university lower than it was more than a decade ago. Next year, the average undergraduate grant is expected to be more than $37,000. About 60 percent of students receive financial aid.