Princeton University is one of the best places in the country to earn your degree. US News and World Report’s National Rankings ranks Princeton as the best university in the nation, and the school is well known for its academic rigor and scenic campus. However, it’s also expensive, so if you plan to attend, you need to factor in the Princeton University cost of attendance.
This article describes the various expenses involved in studying at Princeton, starting with the Princeton University tuition. It will also explore the Princeton University living expenses and tips you can use to help you save money in college. This article also lists various Princeton University financial aid options to help you make your education affordable.
Princeton University Rankings and Profile
- Accreditation: Middle States Commission on Higher Education
- Acceptance Rate: 4%
- Graduation Rate: 98%
- US News & World Report Ranking: #1
- Times Higher Education Ranking: #7
Princeton University is a not-for-profit private institution in Princeton, New Jersey. It was chartered in 1746, making it the fourth oldest college in the nation. Princeton students explore several disciplines while also developing a deep understanding of one area of concentration. To get accepted into Princeton, you must have a solid academic background.
As an Ivy League school, Princeton attracts top talent, with several Nobel Prize Winners among its faculty. The school is also a world-renowned research university and strives to reach the highest levels of distinction in discovering and transmitting knowledge and understanding. It has a generous financial aid program and hosts more than 300 student organizations.
How Much Does Princeton University Cost?
Princeton University costs $57,060 per year for undergraduate students and $59,840 per year for graduate students. Most of that money goes to satisfying tuition rates and other fees, which cost $56,010 for a full-time undergraduate student and $58,790 for graduate students. The remainder goes to purchasing books and supplies students need during the academic year.
Princeton University Tuition, Fees, and Other Expenses
| Expense | Princeton University Cost |
|---|---|
| Princeton University Undergraduate In-State Tuition and Fees | $56,010 |
| Princeton University Undergraduate Out-of-State Tuition and Fees | $56,010 |
| Princeton University Graduate In-State Tuition and Fees | $58,790 |
| Princeton University Graduate Out-of-State Tuition and Fees | $58,790 |
| Princeton University Books and Supplies | $1,050 |
The NCES estimates that the average undergraduate tuition cost of four-year institutions in America is $16,647. However, Princeton University’s tuition is significantly higher, costing over three times as much as the average price. Thankfully, the university provides financial aid options to help students afford the cost of attendance.
Princeton University Living Expenses
| Expense | Princeton University Cost |
|---|---|
| Princeton University On-Campus Room and Board | $18,180 |
| Princeton University Off-Campus Room and Board | N/A |
Campus housing at Princeton University is more expensive than average. While the average cost of room and board at other universities is $12,128, Princeton University charges $18,180. This high price is due to Princeton’s many resources and high campus safety. Demand may also be a factor, as 98 percent of Princeton students live on campus.
Cost of Living in Princeton, New Jersey
According to Salary.com, the cost of living in Princeton, New Jersey is 14 percent higher than the national average. A breakdown of the expenses reveals that food, healthcare, housing, and transportation in Princeton are between 3.4 and 8.5 percent more expensive than the national average. The only expense that is cheaper in Princeton is energy which is 6.1 less expensive than the national average.
However, these higher costs for students make sense when you consider Princeton’s many attractions. It is a small college town in the heart of central New Jersey with a population of 30,000 people. Its excellent transit network puts it a quick train ride away from major cities like New York and Philadelphia. It is also home to many pharmaceutical and healthcare industries.
Princeton University Financial Aid Statistics
Princeton University’s financial aid program is one of the most generous in the nation, and it can help you pay your way through college regardless of your financial circumstances. In fact, 83 percent of recent Princeton seniors graduated debt-free, and the few who took out loans had an average student debt of $9,600.
Princeton University meets the full need of all admitted students through grants. It does not offer merit or athletic scholarship aid but instead awards financial aid on a need basis. About 62 percent of Princeton undergraduates receive financial aid, and in the 2021-22 academic year the school awarded $212 million in grant funds to over 3,200 students.
The average grant aid available to a Princeton student is $62,200, covering 100 percent of Princeton’s tuition. In addition to institutional grants, 22 percent of first-year students qualify for need-based federal Pell Grants. Federal student loans are another aid form you can explore, and in the 2020-21 year, Princeton students received student loan aid worth $518,873.
Does Princeton University Accept FAFSA?
Yes, all Princeton University students who are US citizens or permanent residents must submit a FAFSA as part of their financial aid application. FAFSA stands for Free Application for Federal Student Aid. The FAFSA program is run by the U.S Department of Education’s Office of Federal Student Aid. The program provides approximately $112 billion in financial aid every year.
Does Princeton University Accept GI Bill Benefits?
Yes, Princeton University accepts Post-9/11 GI Bill benefits. The GI Bill is an education benefit program designed to help military veterans pay for college, graduate school, and training programs. To be eligible for Post-9/11 GI Bill benefits, you must have served a minimum of 90 days on active duty on or after September 11, 2001.
Is Princeton University a Yellow Ribbon School?
Yes, Princeton University is a Yellow Ribbon School. It provides funding of up to $4,000 for undergraduate students and pays tuition costs not covered by the Post-9/11 GI Bill for graduate students. The Yellow Ribbon program is only open to military veterans, and to be eligible, you must qualify for the Post-9/11 GI Bill at the 100 percent benefit level.
Princeton University Scholarships and Grants
All of Princeton’s financial awards are need-based, and the Princeton University admissions department does not offer scholarships of any kind. There are no merit scholarships for either academics or athletics. Instead, Princeton carefully analyzes each student’s aid application and awards grants based on their demonstrated need.
Princeton University Average Net Price by Income
| Family Income | Princeton University Net Price |
|---|---|
| $0 to $30,000 | $5,761 |
| $30,001 to $48,000 | $5,544 |
| $48,001 to $75,000 | $6,975 |
| $75,001 to $110,000 | $17,703 |
| $110,001 and up | $42,868 |
The total expense for attending Princeton University is $78,490. This figure includes direct costs and indirect costs like books and supplies, room and board, and miscellaneous costs. However, the actual cost or net price of attending Princeton is $11,990. You can derive your net cost of attending Princeton by subtracting your financial aid from your total cost of attendance.
How to Calculate Princeton University Cost
The cost of your education at Princeton University is largely dependent on need. For the most part, applicants with below-average family incomes receive bigger grants, while families with higher incomes receive smaller grants. You must also factor in any outside scholarships, grants, or benefits that might affect your cost of attendance.
You can get a fairly accurate picture of how much your Princeton education will cost by using the Princeton Financial Aid Estimator. The estimator works by gathering information about your annual household income and financial circumstances. It then uses Princeton’s formula to determine the projected financial aid award.
Is the Cost of College Too High?
No, the cost of college is not too high if you find a financial aid program that works for you. Princeton meets 100 percent of demonstrated needs with grant aid, and its financial aid program promotes affordability and access to education. Not every university offers this, but Princeton is dedicated to giving students from all backgrounds access to quality education.
Princeton University Student Debt
- Students Receiving Federal Loans: 3%
- Median Debt After Graduation: $10,450
- Average Monthly Loan Payment: $104
The student loan crisis is a growing concern as more and more students struggle to repay their student loan debts. In an effort to curb this and enhance the accessibility and affordability of education, Princeton University has replaced loans with grants in its financial aid package. Consequently, only three percent of its students rely on federal loans to pay for college.
Additionally, Princeton students who opt for student loans as a financing option typically owe less than their counterparts in other schools. According to a 2021 report from the Education Data Initiative, the average student loan debt is $37,667. In contrast, Princeton students owe a median debt of $10,450 after graduation.
Princeton University Tuition Payment Plans
There are four Princeton University tuition payment plans a prospective student can use. They are the semester payment plan, monthly payment plan, Princeton Parent Loan, and Direct Plus Loan. The semester plan lets you split your university bill across the fall and spring semesters, while the monthly plan lets you spread out payments over ten months.
The Princeton Parent Loan is only available to families with a good credit history who are capable of fulfilling the terms of repayment. It lets you borrow your share of Princeton’s costs at a fixed or variable interest rate. Alternatively, the Direct Plus Loan is a federally sponsored loan that lets you borrow at a fixed interest rate and with additional fees.
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Princeton University Graduate Salaries and Outcomes
Every year, most of Princeton University’s graduates secure impressive career outcomes. Among the Princeton class of 2021, 730 students found employment in fields like business, engineering, health, arts, entertainment, and law. Many of them work for top companies like Amazon and Apple and earn a median annual salary of $95,689.
Other students choose to further their education by enrolling in master’s, doctorate, MD, Law, and Postbaccalaureate programs at top universities in the nation. Several others pursue an international education, visiting countries like Canada, the UK, and France to continue their education.
How to Save Money in College
- Live at home. If you live near your college, you can save a lot of money simply by living at home. You won’t have to pay room and board charges, and your additional expenses like feeding and upkeep will be significantly cheaper.
- Work while you study. Getting a part-time job in college can give you some extra cash and teach you valuable financial management skills. Instead of spending money, you’ll be earning it, and you can devote some of your earnings to your savings.
- Use school resources. You can save money by using resources to the fullest. You can read at the library instead of buying expensive textbooks and sign up for a student health plan so you can access the university hospital. You can buy a campus meal plan instead of eating out, and live on campus instead of renting or buying off-campus housing.
- Ask for student discounts. Discounts are one of the biggest perks of being a student, and they can help you save money on meals, clothing, and even movie tickets. So, whenever you make a purchase, be sure to ask if there is a student discount.
- Make a budget. A budget is a crucial part of good financial planning and can help you track your expenses and rein in your spending. It can also help you discover areas where you are losing money and help you make sound financial decisions.
Is Princeton University Affordable?
Yes, Princeton University is affordable. Even though it has a high cost of attendance, its generous financial aid program significantly cuts down this cost so that any student, regardless of financial background, can apply. Overall, it is a great university to study at, and it offers a wide range of resources to help you pay for college.
Princeton University Cost FAQ
Princeton University costs $56,010 for international students, the same as for domestic students. Additionally, the university maintains its 100 percent need financial aid policy regardless of citizenship. Therefore international students can enjoy the same amount of financial aid as U.S citizens.
Yes, you can go to Princeton for free. Students of families with incomes up to $65,000 receive average grant awards of $77,240, which covers the full cost of tuition plus room and board fees at Princeton. In addition to that, students can also leverage other financial aid resources such as work-study and outside scholarships to help finance their education.
A four-year education from Princeton costs $313,960, or $78,490 per year. However, it is highly unlikely that you will have to pay this much, as Princeton’s financial aid program covers a substantial part of your university bill.
Yes, Princeton University is worth the high price tag. It has a world-class faculty, many of which are Nobel Prize winners, and its academic programs are among the best in the world. The university has a large campus size, a thriving athletics scene, and rich research resources. Also, Princeton is well known globally, and earning a Princeton degree can give you an edge in the job market.
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