Undergraduate students whose household income is less than $100,000 will not have to pay anything to attend Princeton University, the school announced Thursday in its new financial aid policy.

Starting in fall 2023, those students will not have to pay anything for tuition or room and board, and will be given $4,050 each school year for books and personal expenses.

More than 1,500 students – or 25% of the student body – are expected to benefit from the change.

"One of Princeton's defining values is our commitment to ensure that talented students from all backgrounds can not only afford a Princeton education but can flourish on our campus and in the world beyond it," Princeton University President Christopher L. Eisgruber said.

Before, for students with families earning less than $65,000, university grants covered the cost of tuition, room and board. For those whose household income was between $65,000 and $95,000, there was an average family contribution of $8,500.

For all families earning above $65,000, students were expected to contribute $3,500, which will now be scrapped regardless of income level.

Additionally, Princeton University amended its financial aid policy in 2001 to eliminate loans from its financial aid packages.

"The changes to our already generous financial aid policies will be an important part of the work that the Office of Admission does to recruit students from various socioeconomic backgrounds, showing them that a Princeton education is an affordable education," Dean of Admission and Financial Aid Karen Richardson said.

Princeton's action follows last month's announcement from President Biden to cancel up to $20,000 in federal student loan debt for eligible borrowers.

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