The University announced on Wednesday that it will guarantee free tuition for undergraduate families with annual incomes less than $250,000 and cover tuition, housing, meals, and fees for families earning less than $125,000 per year beginning in the 2027–28 academic year.
The announcement specifies that the free tuition, as well as the free housing, food, and fees guarantees only apply to families who only have “typical assets.” Typical assets generally include a savings account and family home that are proportional to one’s income.
“At a time when many families are uncertain about what the cost of college means for them, we created this initiative to radically expand and simplify our support for students,” James Nondorf, Dean of College Admissions and Financial Aid, said in the announcement.
Since 2018, the University has guaranteed free tuition for families earning less than $125,000 per year, as well as free tuition and room and board for families earning less than $60,000 per year.
Currently, undergraduate tuition at the University is $71,325 and on-campus room and board collectively cost $20,835. The average total cost of attendance for families receiving financial aid was $20,774 as of the 2022-23 academic year. The University currently provides more than $225 million in financial aid annually.
Multiple peer institutions have increased financial aid guarantees in recent years including Harvard University and Yale University, which both offer free tuition for families making less than $200,000 annually. Princeton is the only peer institution to guarantee free tuition for families making less than $250,000.
The announcement comes just over a week after the University announced that it planned to increase the undergraduate population to 9,000 over the next several years, part of its ongoing efforts to eliminate its budget deficit—which decreased to $160 million in the 2025 fiscal year.
“By deepening our commitment to affordability, we are helping to ensure that the brightest minds can join us,” University President Paul Alivisatos said.
