The cost of attendance for the 2018–19 school year has risen 4.9 percent from the previous year, alongside a rise in financial aid of 7.7 percent according to a budget on Monday from the Office of Communications.
The announcement stated that the fee package for full tuition-paying families has increased from $62,750 to $65,810. The Office of Communications added that, for the 19th year in a row, the University’s fee package will be the lowest in the Ivy League.
The average national cost of attendance for an undergraduate at a four-year private university was $44,820 for the 2017–18 school year, according to the . The College Board priced average in-state cost of attendance at a four-year public university at $18,390.
However, despite the increase in cost of attendance, overall financial aid has also increased by 7.7 percent to $174.2 million. Like the cost of attendance, the increase in financial aid is part of a larger upward trend over the past few years, having increased by 8.7 percent for the 2017–18 school year and 6.6 percent for the 2016–17 year.
According to the announcement, roughly 60 percent of undergraduates receive aid, and for families earning up to $65,000, the financial aid package typically covers the full cost of tuition plus room and board.
“Access and affordability remain key principles guiding decisions on Princeton’s fee package and financial aid,” Provost Deborah Prentice said in a statement. Prentice is the University’s chief budget officer and chair of the student-faculty-staff Priorities Committee, which makes budget recommendations to the trustees.
“The committee is pleased to endorse an increase in the financial aid budget that maintains Princeton’s commitment to meeting full financial need for all students who are admitted,” Prentice said.
The announcement emphasized that the University is dedicated to meeting students’ financial need.
“The University’s ‘stay even’ policy insulates students on aid from increasing costs of attendance,” according to the statement. “Aid packages are recalculated each year to offset increases to tuition, room, board and other expenses and to take into account changes in the family’s financial circumstances.”
President Christopher Eisgruber ’83 presented the budget proposal to the trustees during a meeting on April 14.
A previous version of this article misstated the percentage change in cost of attendance for 2018-19. The ‘Prince’ regrets the error.