According to Princeton’s early financial aid estimator, a family of four with an annual household income of $180,000 and above-average investments should be able to pay $32,000. In contrast, America College Testing’s financial aid estimator says that this same family is expected to contribute $46,000 a year. To get a sense of how generous Princeton is, understand that this family is in the top 5 percent of all American households. In other words, Princeton’s annual grant to a family in the top 5 percent of American earners almost equals the earnings of a family in the bottom fifth of American households.
This is good news for Princeton students. Princeton’s no-loan grants give it an edge over its competitors, attracting some of the best students to campus. Financial aid helps parents who couldn’t afford a Princeton education send their children here. Though there will always be some inequalities between students who work 20 hours per week and those who don’t, financial aid can slightly diminish the gap during one’s time at Princeton. Ultimately, financial aid gives students more freedom to manage their daily lives, school breaks and summers.
But financial aid might not give students more freedom overall. Princeton campus life — bolstered by generous financial aid — promotes a standard of living that’s hard to give up after college.
In many ways, students have it easy here. Financial aid spares us the harsh financial choices that students at other colleges regularly face. Visiting my friend at a Midwestern public university two summers ago, I met one student who had to take two years off to become a state resident to save on tuition. Another skipped meals because the campus’ financial aid didn’t sufficiently cover dining. Just last Sunday, the New York Times reported that some college students are going on food stamps now that they’ve lost part-time jobs. These are some character-building experiences most of us don’t ever want to endure.
But inside the Orange Bubble, we don’t have to consider these possibilities. Thanks to financial aid, the tough choices are more like those between taking a desk job at a library to buy some nice meals out with friends or not taking the job and staying in a few more nights. Many students do recognize the ridiculousness of eating in mansions, of drinking during the day decked out in Vineyard Vines and of an endless supply of lectures from the world famous. But this is all justified by the unstated quid pro quo that also exists. We see the Princeton life as a reward for hard work in our classes, athletics and extracurriculars. We theoretically have the freedom to explore academic passions — unencumbered by financial worry — now so that we can do whatever we want after graduation.
After graduation, however, Princeton alumni do need to worry about finances to pay rent, buy food, access the internet and do laundry. But thanks to this University, we also expect to be able to go out, attend cultural events, wear nice clothes and join a gym. Thus, seniors looking for jobs feel unprepared to live off mid-five-figure salaries that would place them among the top earners for their age group. Furthermore, many seniors probably choose jobs that require 80 hours a week and can subsidize a comfortable lifestyle over those that require 35 hours a week but can’t. After all, we are used to working 100 hours a week while Princeton takes care of food, shelter and Rihanna concerts.
As the economic crisis grows, it’s important for Princeton to maintain its financial aid program. Students from families of all income levels should still have the opportunity to come to Princeton. But perhaps the cost of financial aid can be reduced by eliminating the culture of unnecessary spending. Instead of a dozen free-T-shirt study breaks per year, the student body can make do with five. This would not only save money but also adjust student expectations to more accurately reflect life after Princeton.
Cindy Hong is a Wilson School major from Princeton, N.J. She can be reached at cindyh@princeton.edu
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