<p>lefthandofdog...
The loans aren't shifted anywhere. A Princeton student can still use use federal loans if they want, but few need to do so. USN&WR says 26% of students recently graduated with debt, averaging $4370. An admissions officer told me that much of this was a result of students borrowing to meet the higher cost of joining eating clubs. The financial aid policy was recently changed to pay the average eating club meal plan amount with scholarship.</p>