Financial Aid Eligibility

 

We determine a family's ability to pay using our own need formula. One of the factors considered in evaluating financial aid eligibility is your family's income. Starting with the fall of 2023, most families with income up to $100,000 will qualify for aid to cover the full tuition, room, board, books and personal expenses. Here are some tips for submitting the correct information with your aid application.

Tips for Submitting Financial Aid Information

Submit the correct year’s income documentation.

Financial aid operates on a prior-prior system — this means you should submit your parents' federal tax return for the year that is two years prior to the year you plan to enter college. If you plan to apply to the class of 2027, for example, you will enter Princeton in fall 2023 and should submit your parents' 2021 federal tax return. This is also the information you will report on the Princeton Financial Aid Application (PFAA) and the Free Application for Federal Student Aid (FAFSA).

Upload your documentation directly to your financial aid portal.

Once you submit the PFAA, you'll be able to upload tax documents. This is the best way to submit your documentation to our office. The tax return upload should include the Form 1040 federal income tax return, all schedules, W-2 statements, and schedule K-1s, if applicable.

Be sure to report nontaxed income.

In addition to your parents' income reported on the federal tax return, you will also report nontaxed income. The most common forms of nontaxed income are contributions to tax-deferred savings plans, child support received from another household, VA benefits and housing allowances.

Be sure to report nontaxed income.

In addition to your parents' income reported on the federal tax return, you will also report nontaxed income. The most common forms of nontaxed income are contributions to tax-deferred savings plans, child support received from another household, VA benefits and housing allowances.

What if my parent did not file a U.S. federal income tax return?

If your parent is a U.S. citizen and is not required to file a U.S. federal income tax return, a Non-filer Statement must be uploaded after you submit the PFAA (see link below). Sources of income should be listed on this form with supporting documentation (e.g., W-2 statements, disability benefit statements) for each source. If your parent is a Canadian citizen, the eight-page T1 General for 2020 must be uploaded after you submit the PFAA. If your parent files a tax return in their country of residence, both the original and a full certified and translated copy of the return (if not in English) should be uploaded after you submit the PFAA. If your parent is not required to file a tax return, a Non-Filer Statement must be submitted in lieu of tax information (see link below). Sources of income (e.g., interest, employment income, real estate income) should be listed on this form with supporting documentation for each source.

Non-filer Statements

U.S. citizens | International citizens

 

Confidentiality Policy 

The Financial Aid Office uses all available measures to hold sensitive data in strict confidence. Electronic material is protected with current technological safeguards to prevent unauthorized access. Paper records are similarly held in safe storage, and disposed of when necessary in a proper manner such as shredding. There are strict limitations on sharing information with parties other than students and their immediate family members. Organizations outside the University must obtain permission from the student and provide a signed release before receiving aid records. Princeton’s confidentiality policy assures families that their financial aid information will be used only for its intended purpose.