What Changed in 2 Years Since Grinnell Said It Would Try No-Loan Financial Aid

"In November 2020, colleges and their millions of students were smarting from the economic sting of the coronavirus pandemic. Colleges trimmed costs after campus shutdowns prompted many to refund auxiliary fees for services like residence halls and dining, which underpin their budgets. They paid for costly COVID-19 testing and protective measures and funneled more financial aid to students," Higher Ed Dive reports

... "It can also help attract applicants and ease barriers for families who find it difficult to traverse an onerous financial aid process, said Jill Desjean, senior policy analyst with the National Association of Student Financial Aid Administrators. Often, many types of funding comprise financial aid packages — state and federal loans, scholarships, merit aid and need-based aid, Desjean said."

“'For some students, it’s their first experience with debt,' she said. 'Terms that you get used to as an adult — interest, repayment schedules, things like that — might be hard to understand, so not having loans greatly simplifies things.'"

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Publication Date: 11/22/2022

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