“Princeton IS affordable.” “For more than three decades, we've considered students for admission to Princeton without concern over their families' ability to pay —and offered aid to cover 100 percent of each admitted student’s need.” “We … meet 100 percent of each admitted student’s financial need with generous aid packages.”
These are just a few examples of how the University brags about its financial aid packages on its financial aid website. Princeton’s peer institutions all spew the same rhetoric. And while the statistics suggest it is true that Princeton covers 100 percent of the costs it deems as “needed,” this does not match what all families consider as their need. For many families, the University's definition of demonstrated need differs from theirperceivedactual need, causing students to be forced to give up Princeton as an option. These families in the middlemight beg to differ regarding Princeton’s affordability. Many students must have a serious family discussion about finances and determine which school to attend based on the varying aid packages universities offer. Some decide to struggle and make it work at a school with a less generous package, but every year, I see students from my high school turn down schools like Princeton to go to our state university on a full ride or other substantial scholarship. And I highly doubt this is an isolated case. The recent U.S. News & World Report rankings said that of their top-ranking 25 universities, Princeton is 22 in economic diversity. While the criteria of these rankings aren’t always ideal, it does suggest a troubling reality. Further, there are current Princeton students from families in the middle who are facing financial hardship while here.
Of course, while the system isn’t perfect, financial aid has come a long way. With a no loan policy, early action that allows students to apply to these schools without worrying that they will be committed to a school they cannot afford to attend and study abroad covered, Princeton’s aid package certainly is a godsend to many students. In fact, according to Princeton’s own statistics, approximately 60 percent of Princeton students get some amount of aid, and the average annual package is around $41,450. The problem is, they can do more, much more.
Not all schools can afford to cover more student expenses, In fact, most don’t have large enough per student endowments. But Princeton can afford to provide greater aid to families in the middle, and should. A study by The Washington Monthly suggests that Princeton, along with Harvard, Yale, Stanford and possibly others, can essentially afford to grant free tuition.
Currently, Harvard appears to be doing a better job of providing financial aid than Princeton is, although according to this math, both could do more. All schools that can do more, should. I am not suggesting that schools with such substantial endowments should be completely free for everyone, as there are other beneficial uses for each university’s money. However, these private, nonprofit universities should no longer just be for the privileged elite who can pay or students from lower-income families. Having a truly socioeconomically diverse intellectual community, which includes students from this middle group, improves the learning environment, as students can learn from each other’s experiences. The best way to guarantee that price is not a prohibitive factor when students are selecting colleges is for more financial aid to be available to the whole range of the country's middle class.
Individuals should have a right to higher education, and if avoidable, finances should not affect the decision of which universities students choose to attend. It is only fair that anyone who gets into an elite school with a substantial endowment actually has the freedom to make a decision.
Marni Morse is a sophomore from Washington, D.C. She can be reached at mlmorse@princeton.edu.
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