One of NJ’s top schools giving free tuition, but do you qualify?

Every year U.S. News & World Report releases its annual college rankings of about 1,500 schools across the country. So when a New Jersey school ranks at No. 80, that’s a big deal.  When that school then offers free tuition, that’s an enormous deal.

Read More: 6 NJ universities made the top 100 in the nation

Expense

Stevens Institute of Technology is one of the most expensive schools in the state. When mandatory fees are added on with tuition, it’s over $65,000 a year. When books, meal plans and housing are piled on, it goes to almost $89,000 annually. This is about as much as another private school you may have heard of, Princeton University.

Help on the way

It’s been announced that starting next year the esteemed Hoboken university is launching “Stevens Investment.” Stevens Institute of Technology will offer free tuition to some.

“Our role as an institution is to work to remove barriers that might prevent these talented individuals from accessing the transformative education Stevens provides,” said the school’s president Nariman Farvardin.

Who qualifies

The new program offers free tuition to families earning $75,000 or less annual income. This is going to be offered to incoming students, but won’t be available to transfer students or students who don’t have U.S. citizenship or permanent residency.

Students receiving the deal will need to maintain an average GPA of 2.0 and earn credits within a specified time window.

What it covers

A caveat is that this “Steven’s Investment” program covers only the tuition. Fees and housing and meals are not part of it, and those can add up. However, university officials say those other things may be covered with outside scholarships, grants, loans, etc., so it’s certainly with looking into.

Stevens Institute of Technology is one of our state’s hardest schools to get into. Last year 60% of students had a high school GPA of 4.0 or higher. But if your son or daughter has the grades and just not the money, this new program may be a godsend for their future.