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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