Student Financial Aid - Debt Vs. Grants - No-loan Financial Aid

No-loan Financial Aid

In 2001, Princeton University became the first university in the United States to eliminate loans from its financial aid packages. Since then, many other schools have followed in eliminating some or all loans from their financial aid programs. Many of these programs are aimed at students whose parents earn less than a certain income — the figures vary by college or university. These new initiatives were designed to attract more students and applicants from lower socioeconomic backgrounds, reduce student debt loads, and provide the offering institutions with an advantage over their rivals in attracting commitments from accepted students. This is an attractive way for students to relieve the amount of debt they are in after college.

The following colleges and universities offer such no-loan financial aid packages as of March 2008:

Post-secondary institution No-loan financial aid for families meeting these eligibility requirements:
Amherst College No max income
Arizona State University Arizona residents with family income of up to $60,000
Bowdoin College No max income
Brown University Family income below $100,000
Caltech Annual income below $60,000
Claremont McKenna College No max income
Colby College No max income; all students
Columbia University No max income
Cornell University Annual income below $75,000
Dartmouth College Annual income below $100,000
Davidson College No max income
Duke University Annual income below $40,000
Emory University Annual income below $100,000
Haverford College No max income
Harvard University No max income
Lafayette College Annual income below $50,000
Lehigh University Annual income below $50,000
MIT Annual income below $75,000
University of Maryland, College Park Maryland resident with 0 EFC
Michigan State University Michigan resident with family incomes at or below the federal poverty line
Northwestern University Family income lower than approx. $55,000
North Carolina State University Income less than 150% of the poverty line. Requires the family to have "limited assets," regardless of state residency.
University of Chicago Students who demonstrate financial need and whose annual family income totals $75,000 or less
UNC Chapel Hill 200% of federal poverty line ($24,000 to $37,000)
University of Pennsylvania No max income
Pomona College No max income
Princeton University No max income
Rice University Annual income below $80,000
Stanford University No max income
Swarthmore College Anyone with financial need
Tufts University Annual income below $40,000
Vanderbilt University No max income
Vassar College Annual income below $60,000
University of Virginia 200% of federal poverty line ($24,000 to $37,000)
Washington and Lee University No max income
Washington University in St. Louis Annual Income below $60,000
Wellesley College $60,000
Wesleyan University $40,000
College of William and Mary $40,000 (VA residents only)
Yale University No max income

Read more about this topic:  Student Financial Aid, Debt Vs. Grants

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