Financial plan provides students with new options

Woodrow Wilson 1879 envisioned Princeton as an institution "in the nation's service." However, upon graduation, the burden of debt from four years of tuition payments can force students to weigh financial concerns at the expense of more idealistic pursuits.

Many students said changes to the University's financial aid program will give Princetonians greater flexibility in their post-graduate plans and enable them to better serve the nation and the world.

In light of the trustees' decision to remove the requirement that students receiving financial aid incur debt in order to pay for their educations, graduates "won't have as much pressure to make millions," Alia Poonawala '02 said.

The burden of debt can deter students from doing the jobs they most want to do and are most passionate about. People "have dreams and goals based on the educations they have received which they cannot necessarily pursue with lots of debt," Ilka Netravali '03 said.

Laura Bohn '03 said she believes that Princetonians "are very service-minded." Students who are not burdened by loans are often in better positions to take jobs that will provide less income, but enable them to accomplish other goals, Bohn said.

While most students said they favored the changes, some did express concerns.

Poonawala suggested that "loans give students a sense of responsibility." Andrew Elken '04 said that he felt tuition was very costly and that the University should consider devoting more resources to alleviating this problem.

However, Carola Ibanez '02 said she believed the changes to the financial aid policy were fiscally appropriate. "There is definitely money to spend," Ibanez said, though she did concede that "a small loan might not be that bad."

Ellie Powell '04 speculated that the costs would be at least partially offset by an increase in donations.

"I think it might encourage students to give more money to the University if they received grants instead of loans," she said.

Indeed, many students were impressed with the trustees' decision. Former USG President PJ Kim even sent an e-mail to the undergraduate student body in which he responded to the replacement of loans with grants by saying, "I can't recall a time when I felt so proud to be a Princetonian."