Student Loans for Princeton Students
About Princeton University
Established in 1746, Princeton is the fourth-oldest college in the country, and along with Harvard and Yale, is a member of the ‘Big Three,’ an informal term for the three most prestigious universities in the country. Research activity at Princeton is rivaled by only a handful of other universities, its faculty is extraordinary, and it has the largest endowment on a per-student basis, with just over 10,000 students (about 50-50 undergrad to grad) and an endowment of about $17.1 billion. Not only is Princeton an academic powerhouse, but also it has a beautiful campus. Located in the cozy town of Princeton, New Jersey, the campus is gorgeous and town-gown relations are strong. Student life is vibrant, which a large variety of social and academic clubs in addition to sports teams, with countless offerings allowing students to make the most of their college experience.
Contrary to popular opinion, Princeton is affordable-while the sticker price is roughly an astronomical $51,000, the Princeton financial aid program is extremely helpful in making a Princeton education affordable to all who have significant merit. No student who is deemed to have financial need is required to take a loan to cover the costs of attending Princeton, though there are situations where Princeton may overestimate a family’s ability to contribute towards the total figure of tuition, fees, and room and board. In 2010-11, Princeton awarded more than $100 million in grants to more than half of its student body.
Financial Aid Application Process
The process of applying for Princeton financial aid is relatively simple, and requires just two forms: the Princeton Financial Aid Application and the Free Application for Federal Student Aid (FAFSA), both of which you can complete online. If you have any questions regarding anything at all about your aid application, you should feel free to contact the Princeton financial aid office the staff is very accommodating, and will be happy to help you with any questions you might have.
Princeton Student Loans
As noted above, Princeton financial aid packages are remarkable in that they consist of, on average, 95% grants/scholarships, and 5% on-campus jobs. Most Princeton students simply do not need student loans because of the strength of their financial aid program. However, in some cases, the Princeton aid office overestimates the contribution a family could make towards a college education, and
for these students and families, federal, or sometimes private student loans become necessary to fill the financial gap. If you’re in a situation like this, exhaust your federal options first, but if you’re looking for a private student loan, use our Student Loan Comparison Tool to search, compare, and apply for a private student loan that best fits your financial need.
What forms do I need to fill out in order to apply for Princeton financial aid?
In order to apply for Princeton financial aid, students need to fill out the standard Free Application for Federal Student Aid (FAFSA), among several other forms. The other forms include the school’s own Princeton Financial Aid Application (PFAA) form, which is available online. To access this form, students will need to sign up for an account on the Princeton website. The Princeton financial aid office also requires parents/guardians to submit their tax returns and W2 forms to process the application.
What sort of Princeton University financial aid will I be eligible for if my family income is less than $50,000?
The Princeton University financial aid program is far more robust than most other universities’ aid programs, and as such, if your family income is less than $50,000, you will receive complete financial aid coverage for the total cost of attending Princeton. Furthermore, you will not need to take out a loan as part of this aid package — the entirety of your Princeton University financial aid package will consist of grants, scholarships, and a work-study program.
Pay for Princeton University*
|Total Avg. Cost||$52,715|
|Room & Board||$11,680|
|Financial Aid Information|
|Students Receiving Fin Aid||56%|
|Typical Grant Amounts|
|Avg. Other Stud. Loans||$2,750|
|%Receiving Other Loans||10%|
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*Data source is the Integrated Postsecondary Education Data System (IPEDS) the data collection program for the National Center for Education Statistics