Princeton University approves $1.5 Billion Operating Budget for 2012-13

Princeton University Trustees on Saturday approved a 2012-13 operating budget that includes a 4.5 percent tuition increase, to $38,650, and a 5.6 percent increase in undergraduate financial aid. 

The increase maintains educational access to all admitted students, regardless of ability to pay and without the need for loans.

"One of Princeton's defining commitments is its promise to ensure that a Princeton education is affordable to every student," Provost Christopher Eisgruber said following the Jan. 28 vote. 

The University's $116 million financial aid budget for 2012-13 continues a decade-long trend in which scholarship spending has outpaced fee increases.

Princeton students graduate with the lowest student debt among national universities. This year's average grant is $35,352 and next year it is expected to exceed $37,000.

Sixty percent of the current student body receives financial aid, compared to 38 percent in the Class of 2001. The average net cost for Princeton students today is lower than it was in 2001, even before adjusting for inflation. 

University Truestees approved a 2012-13 balanced operating budget of $1.5 billion, based on the recommendations of the Priorities Committee of the Council of the Princeton University Community. 

Eisgruber said the operating budget had a 21.9 percent return on investments by the endowment last fiscal year, as well as University-wide cost-savings initiatives. 

The 2012-13 budget includes $500,000 to fund the following initiatives:

• increase the dispatch capacity in the Department of Public Safety.
• hire an additional staff member in the Office of International Programs. 
• maintain fitness equipment in the Stephens Fitness Center and extend operating hours.
• conduct background checks for all non-faculty employees and study expanding the program to include faculty.

Princeton's undergraduate's costs include a 4.5 percent tuition increase to $38,650; a 5.4 percent increase in room charges to $6,950; and a 3.8 percent increase in board rates, to $5,680 for a full meal plan.

Princeton's graduate costs include a 4.5 percent regular tuition increase to $38,650, an increase in the dissertation completion enrollment graduate tuition to $2,930; a 4 percent increase in Graduate College board rates, and an average increase of 3.5 percent in room rates for University housing for graduate students, faculty and staff. The trustees approved a 3.2 percent increase in graduate student stipends.

The student health plan fee will rise from $1,620 to $1,850. 

The Priorities Committee report is available for download in PDF format here.