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These colleges do not promise student loans

Increasingly, college is a choice only for those who can afford it or willing to take on large student debt. But not all schools see it that way.

To get a higher education more accessiblemore and more institutions are being liquidated student loans in general.

Now, more than 20 schools have a “no loan” policy, meaning they will meet 100% of students’ financial aid needs — with no educational debt.

“The loans are not part of the deal,” said Anne Harris, president of Grinnell College in Grinnell, Iowa, which offers grants in the school’s financial aid packages in lieu of loans. “The clarity of it was encouraging.”

Coming out of the pandemic, Grinnell has sought to gain access to college, Harris said, and has adopted a no-loan policy for the 2021-2022 school year.

“It doesn’t solve all the problems that exist, but it’s a big step forward,” she said.

More from Personal Finance:
Applications for student loan forgiveness will begin soon
Now is the best time to apply for college financial aid
Colleges struggle with declining enrollment, underfunding

That opened the door for sophomore Beck Lambert of Manchester, New Hampshire, who couldn’t afford college. “I couldn’t even afford to apply to college,” Lambert said.

Lambert, 20, was already working full-time at a gas station to help pay for high school and didn’t want to borrow money for college. “I didn’t want to be in debt for the rest of my life,” Lambert said. “When you’ve been living with debt hanging over your shoulders, it can be terrifying.”

Lambert applied for early decision and is now studying history at Grinnell — on track to become the first in his family to graduate from college.

Grinnell College

Photo: Grinnell

“The future of affordability and affordability”

According to Robert Franek, editor-in-chief of The Princeton Review and author of the book, “There are many prospective students who are concerned about paying for college and the student loan burden it can entail.”Top 388 Colleges.”

“If you can be a loan-free school, that’s going to make a difference,” he said.

“I see them as pioneers in their ability to address the biggest concern of the family, which is taking on too much debt to pay for college,” Franek added. “They listen to students and their families, and they respond directly.”

Schools that are able to do this are moving in this direction.

John Leach

associate provost for enrollment and financial aid at Emory University

How the debate over student loan forgiveness continues, the best way forward “is to limit student borrowing in the first place,” said John Leach, Emory University’s associate provost for enrollment and financial aid. “Schools like Emory feel that responsibility very much.”

Emory recently expanded its financial aid offerings to cover 100% of demonstrated need by replacing loans with grants. The additional cost to the school was about $8 million, Leach said.

“Budget modeling is key,” Grinnell’s Harris also noted. “That being said, can it be supported?” Funding the non-loan policy costs Grinnell an additional $5 million a year, she estimates.

“Schools that are able to do this are moving in that direction or have been moving in that direction,” Leach said.

Affordability and affordability are the future.

Doug Hicks

President of Davidson College

Davidson College in Davidson, North Carolina has been operating since 2007.

“We were the first liberal arts college nationally to make this commitment,” said Doug Hicks, Davidson’s president.

“Affordability and affordability is the future,” Hicks said. “As a parent, I know that myself.”

A generous donation provides a ‘competitive advantage’

Colleges also benefit from the no-credit policy.

Today, Davidson’s applications have grown to 6,500 from about 4,500 in 2007, when the school first canceled the loans. This, in turn, improved the productivity of the school—or percentage of students who decide to enroll after admission – and success rate.

“We’ve seen a much more diverse student body,” Hicks said. “Studentship is much more interesting.”

“Being able to support students and have a world-class financial aid program helps us have a world-class student body,” Emory’s Leach also said. “It’s a competitive advantage to have more generous need-based aid.”

“No loan does not mean free”

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These colleges do not promise student loans

Increasingly, college is a choice only for those who can afford it or willing to take on large student debt. But not all schools see it that way.

To get a higher education more accessiblemore and more institutions are being liquidated student loans in general.

Now, more than 20 schools have a “no loan” policy, meaning they will meet 100% of students’ financial aid needs — with no educational debt.

“The loans are not part of the deal,” said Anne Harris, president of Grinnell College in Grinnell, Iowa, which offers grants in the school’s financial aid packages in lieu of loans. “The clarity of it was encouraging.”

Coming out of the pandemic, Grinnell has sought to gain access to college, Harris said, and has adopted a no-loan policy for the 2021-2022 school year.

“It doesn’t solve all the problems that exist, but it’s a big step forward,” she said.

More from Personal Finance:
Applications for student loan forgiveness will begin soon
Now is the best time to apply for college financial aid
Colleges struggle with declining enrollment, underfunding

That opened the door for sophomore Beck Lambert of Manchester, New Hampshire, who couldn’t afford college. “I couldn’t even afford to apply to college,” Lambert said.

Lambert, 20, was already working full-time at a gas station to help pay for high school and didn’t want to borrow money for college. “I didn’t want to be in debt for the rest of my life,” Lambert said. “When you’ve been living with debt hanging over your shoulders, it can be terrifying.”

Lambert applied for early decision and is now studying history at Grinnell — on track to become the first in his family to graduate from college.

Grinnell College

Photo: Grinnell

“The future of affordability and affordability”

According to Robert Franek, editor-in-chief of The Princeton Review and author of the book, “There are many prospective students who are concerned about paying for college and the student loan burden it can entail.”Top 388 Colleges.”

“If you can be a loan-free school, that’s going to make a difference,” he said.

“I see them as pioneers in their ability to address the biggest concern of the family, which is taking on too much debt to pay for college,” Franek added. “They listen to students and their families, and they respond directly.”

Schools that are able to do this are moving in this direction.

John Leach

associate provost for enrollment and financial aid at Emory University

How the debate over student loan forgiveness continues, the best way forward “is to limit student borrowing in the first place,” said John Leach, Emory University’s associate provost for enrollment and financial aid. “Schools like Emory feel that responsibility very much.”

Emory recently expanded its financial aid offerings to cover 100% of demonstrated need by replacing loans with grants. The additional cost to the school was about $8 million, Leach said.

“Budget modeling is key,” Grinnell’s Harris also noted. “That being said, can it be supported?” Funding the non-loan policy costs Grinnell an additional $5 million a year, she estimates.

“Schools that are able to do this are moving in that direction or have been moving in that direction,” Leach said.

Affordability and affordability are the future.

Doug Hicks

President of Davidson College

Davidson College in Davidson, North Carolina has been operating since 2007.

“We were the first liberal arts college nationally to make this commitment,” said Doug Hicks, Davidson’s president.

“Affordability and affordability is the future,” Hicks said. “As a parent, I know that myself.”

A generous donation provides a ‘competitive advantage’

Colleges also benefit from the no-credit policy.

Today, Davidson’s applications have grown to 6,500 from about 4,500 in 2007, when the school first canceled the loans. This, in turn, improved the productivity of the school—or percentage of students who decide to enroll after admission – and success rate.

“We’ve seen a much more diverse student body,” Hicks said. “Studentship is much more interesting.”

“Being able to support students and have a world-class financial aid program helps us have a world-class student body,” Emory’s Leach also said. “It’s a competitive advantage to have more generous need-based aid.”

“No loan does not mean free”

Reported by Source link

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