"Student loans are one of the biggest stressors facing college graduates. In fact, the Federal Reserve of St. Louis says that nearly 44 million Americans owe $1.5 trillion in student loans. Many students don't have another option to finance their education, but more and more universities are doing their part to help," according to Yahoo! Finance.
'This month, Dartmouth College announced plans to eliminate loans from its student financial aid packages and increase the size of scholarship awards. Currently, half of all Dartmouth undergraduates receive some form of financial aid. The hope is that eliminating student loans will provide more opportunities for middle- and low-income families.
“Every deserving student will have the opportunity to enjoy—and excel in—the full Dartmouth experience. Our residential life will be more vibrant than ever, as we will attract an incredibly diverse mix of students from all socioeconomic, geographic, and cultural backgrounds,' said President Phil Hanlon in a statement.
Like other colleges, Dartmouth has students who struggle with debt. Currently, students whose families make $100,000 or less are already exempt from having to take out loans. Even so, some students still need extra assistance, and the university says that the average amount borrowed hovered around $23,400 for 2017 graduates.
Dartmouth is just the latest school to take this step. According to US News and World Report, there are currently 50 institutions that offer a no-loan policy to lower-income families. Overall, just 16 schools offer the no-loan option to every student, regardless of family income.
Many of the schools offering loan-free financial aid packages are Ivy league universities with tuition costing $45,000 or more per year. This includes Harvard University, Princeton and Yale. The 2018-2019 school year will be the first year that Brown University will remove loans from its financial aid packages."
NASFAA's "Headlines" section highlights media coverage of financial aid to help members stay up to date with the latest news. Inclusion in Today's News does not imply endorsement of the material or guarantee the accuracy of information presented.
Publication Date: 5/14/2018