Just Like Harvard: Tuition Now Free At North Jersey College If You're Under Income Limit

HOBOKEN, NJ — Going to college and learning about a field or trade can boost someone out of poverty and allow them to transform the lives of others. But the cost of tuition is often out of reach.

Beginning in fall, tuition at the Stevens Institute of Technology — a technology-focused university in Hoboken — will be free for undergraduates whose families earn $75,000 or less.

The school followed the lead of Harvard, Princeton, and others who have taken similar actions.

The new plan is called "The Stevens Investment," the university said.

In announcing the plan, a spokesperson said, "Pursuing higher education opens doors for students and their families, promoting social mobility and creating new career opportunities. For some families, the cost of tuition can make that path feel out of reach."

The full tuition offer is for first-time, first-year, full-time undergraduates who are either citizens or permanent resident students admitted to a degree program.

To qualify, students must complete both the FAFSA and CSS Profile by the posted application deadlines, the University said.

They noted that in April of this year, U.S. News & World Report placed Stevens at No. 9 in the nation for return on investment 40 years after enrollment.

The university also offers a curriculum called SUCCESS, meant to reinforce life skills for first-year students, as well as specialization in The Frontiers of Technology, which exposes students to emerging fields of study so graduates "remain nimble" as financial markets become more challenging.

"At Stevens, we recognize that exceptional students come from all backgrounds and economic circumstances,” said President Nariman Farvardin. “Our role as an institution is to identify that potential and work to remove barriers that might prevent these talented individuals from accessing the transformative education Stevens provides."

Tuition at Stevens costs more than $31,000 per semester, with housing and other fees added. Students who apply can also obtain government financial aid.

Princeton Was First

Prestigious universities across the country have been making similar offers.

Harvard covers tuition for students from families earning less than $200,000. They said that currently, about a quarter of their undergraduates have had their tuition covered.

Princeton University says they were first with the idea, noting, "Financial aid covers the full cost of attendance -- including tuition, housing, food, books and personal expenses -- for most families with incomes up to $150,000 a year. Most undergraduate families with incomes up to $250,000 will pay no tuition. This aid is provided in the form of grants, which do not have to be repaid."

Stevens is a private research university overlooking the Hudson River. It was founded in 1870 and educates more than 8,000 undergraduates and graduates.