One of New Jersey’s priciest colleges unveils a full-tuition aid plan — here’s who could benefit

A high-cost New Jersey private college wants to waive tuition for select students. This gives low- and middle-income families a rare college chance.

Stevens Institute of Technology in Hoboken charges hefty tuition. Annual tuition and fees are $65,000. Many prospective kids and their families find the school one of the state’s most expensive. According to “The Stevens Investment,” that will change next year.

Under $75,000 families can receive 100% tuition aid for first-year students. Students with a 2.0 GPA and qualifying income receive free tuition. The stipend covers tuition and fees, not food or lodging.

School fundraising, philanthropy, and budget reallocation will fund the program. This technique supports administrators’ long-term objective of boosting STEM and engineering education and shifting from salary to merit and potential.

Stevens provides substantial and varied help. Elite schools provide considerable financial aid, sometimes using “last-dollar” models after federal and state subsidies. An income cap and full tuition support are at one of New Jersey’s most expensive engineering schools.

The change may aid low-income households. Sustainability challenges include demand and capacity management and if donations or budget surpluses can fund the institution. This plan provides free tuition at top technical universities, a major move.

First-time candidates value qualification openness, student retention, and university finance. Critics will assess if Stevens maintains high academic standards while widening access and whether other high-cost universities can serve smart but underprivileged students.

Offering 100% tuition reduction to qualified students was risky for Stevens Institute. This example may demonstrate how pricey institutions can become more inclusive without sacrificing quality or financial stability.

Sources
NJ Advance Media 
Philanthropy News Digest
94.3 The Point