Information for Financial Aid Students

From the Financial Aid Office

Summer Internships: Summer Savings Replacement Information

Princeton's generous financial aid program includes a provision that gives students more choice in how they spend the summer. By offering replacement aid, described in more detail below, participation in an unpaid summer service program becomes a viable option for aid students.

Although a summer savings expectation is a standard part of almost all financial aid packages, replacement aid can be requested in the fall. This aid typically consists of one-half University grant and one-half term time job or interest supported student loan. Students who are unable to save the amount expected from a summer job can request the replacement aid in September by making an appointment to speak with a financial aid counselor.

As a result of Princeton's "no-loan" policy, aid students start out in the very enviable position of not having a loan included in their initial financial aid award. If a Princeton student chooses to borrow, for either an increase in educational expenses beyond the standard budget or a shortfall in family resources, the loan debt is minimal compared to the national average of over $20,000.

Typical summer savings expectations for  2010-11 range from $1,050 to $2,550. Some students may have a lower expectation.

Students also have the option of accepting only the grant portion of the replacement aid. Since summer savings are generally used to cover books and personal expenses, it may be that your own expenses are such that you don't need to replace the entire shortfall and opt to receive only the grant assistance.

We encourage you to speak with a financial aid counselor and discuss your own specific circumstances.

Federal Work-Study (FWS)

Students who have Federal Work-Study included as part of their financial aid award may receive payment for community service while working with public or private nonprofit organizations in areas such as education, health care, housing and neighborhood improvement, literacy training, and other activities specified in the Community Service Act. The Student Employment program works directly with the student and organization and approves all summer Federal Work-Study contracts. For information, contact the Undergraduate Financial Aid Office. The deadline to apply is May 16, 2011.

(Note: Not all students with a job in their aid package are eligible for FWS. Your award letter will specifically state "Federal Work-Study" if you are eligible.)

For more information:

Undergraduate Financial Aid
P.O. Box 591, 220 West College
Princeton, New Jersey 08542-0591
Telephone: (609) 258-3330 Fax: (609) 258-0336
faoffice@princeton.edu