Undergraduate students from families with incomes under $130,000 will pay no tuition at Rice University and Princeton($140,000)

Rice University announces new program to dramatically expand scholarships for middle class

Undergraduate students from families with incomes under $130,000 will pay no tuition

Rice University has unveiled a new initiative to make higher education more affordable by dramatically expanding financial aid provided to students from low-income families to those with incomes up to $200,000.

Full tuition scholarships and grants will be offered to students from middle-income families under a new financial aid plan titled The Rice Investment. Under The Rice Investment program, full tuition scholarships will be awarded to degree-seeking undergraduates with family incomes between $65,000 and $130,000 who are eligible to receive need-based financial aid. In addition, students with family incomes between $130,000 and $200,000 will receive scholarships covering at least half of their tuition. Support for students from low-income families will also be significantly enhanced under the program, and students with family incomes below $65,000 will receive grant aid covering not only their full tuition, but also all of their mandatory fees and room and board.

“Talent deserves opportunity,” Rice President David Leebron said. “We’ve built on our already generous financial aid to provide more support to lower-income and middle-class families and ensure that these students have access to the best in private higher education.”

Source: https://news.rice.edu/2018/09/18/rice-university-announces-new-program-to-dramatically-expand-scholarships-for-middle-class-2/

2) At Princeton, parents making less than $140,000 do not pay tuition. Those making less than $60,000 are covered for tuition, room and board. Those making between $60,000 and $120,000 only pay a percentage of room and board. Princeton covers more for families with lower incomes.

Source: https://admission.princeton.edu/sites/default/files/AffordableForAll2016-17.pdf

Financial Aid Estimator at Princeton: https://admission.princeton.edu/cost-aid/financial-aid-estimator

Example: Sample calculation for parents making $120,000 per year with $200,000 home equity.

Conclusion : Total parents cost for sending kids to Princeton is same as sending them to state school.( around $20,000 per year)

Your Estimated Princeton Aid Award

Based on the answers you provided on the Family Information Worksheet, we can give the following preliminary information about your financial aid eligibility at Princeton:

I. Princeton’s Estimated Costs for 2019-2020

Tuition $51,870
Room $10,090
Board $7,060
Residential College Fee $930
Books and Personal Expenses $3,500
Travel $300
Total Estimated Student Budget       $73,750

II. Your Estimated Family Contribution

Parent’s Contribution $17,600
Student’s Expected Summer Savings $1,600
Student’s Asset Contribution $10
Total Estimated Family Contribution $19,210

III. Your Estimated Aid Package is $54,540

Grant Funds $51,640
Student Loans $0
Campus Job $2,900
Total Estimated Aid      $54,540

3) Stanford, which came in fourth place in U.S. News and World Report’s national university rankings, admitted just about 5% of applicants. A record 42,487 students applied. About 16% of the admitted class are the first in their families to go to college.

The cherry on top is that Stanford also announced it was expanding financial aid. The university said that no parents with an annual income and typical assets of less than $125,000 will have to pay a single cent toward tuition. The threshold for this aid was previously $100,000

Trustees approve 2017-18 tuition and reaffirm Stanford’s financial aid commitment

Under Stanford’s undergraduate financial aid program, typical parents with incomes below $125,000 pay no tuition, and those with incomes below $65,000 pay no tuition, mandatory fees, room or board.

Source: https://news.stanford.edu/2017/02/15/trustees-approve-2017-18-tuition-reaffirm-stanfords-financial-aid-commitment/

 

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