Letter: Princeton tackles student debt

A recent letter writer rightfully decried the student loan debt in America but vastly underestimated it at roughly $1 billion. It actually exceeds $1 trillion. The writer noted that colleges assume little responsibility for controlling their costs or collecting on these loans, and claimed, “Some Ivy League universities have billion dollar endowments, yet you, the taxpayers, are assuming the risk for their student loans.” That may be true for some but it is not true for one I know of, Princeton University.

As reported by its financial aid office, “Princeton was the first university in the country to eliminate the need for students to take out loans. Every financial aid package relies on grants, not loans that have to be repaid. This makes it possible to graduate from Princeton debt free. About 84 percent of recent Princeton seniors graduated debt free.

Princeton’s financial aid package covers 100 percent of tuition costs for students in the Class of 2019 who applied for aid with family incomes up to $140,000 and about 60 percent of undergraduates receive financial aid.

Despite Princeton’s large endowment, its alumni support their college by giving back in the form of volunteer annual giving, last year alone amounting to more than $61 million.

Along with perhaps others in the Ivy League, Princeton University is not burdening the American taxpayer with any student loans.

This story was originally published April 11, 2017 at 5:15 PM with the headline "Letter: Princeton tackles student debt."