Education: College Loans

    “No student loans”... Too good to be true, right? Twenty-five schools now offer “no loans” finacial aid policies to help undergraduate students pay for school. But what does “no loans” mean?

    “No Loans” finacial aid packages generally seek to replace students loans with grants or scholarships that do not have to be repaid. Each college has its own policies, so the term may differ across institutions. “No loan” does not mean that the college eliminates student loans from their finacial aid packages. Some universities require a minimum student contribution or a part-time employment while others require a parental contribution.  

    Though “no loans” policies, most college aim to cover the family’s demostrated finacial need based on cpmpletion of the Free Application For Federal Student Aid (FAFSA). Therefore, for some the “no loan” finacial aid policies, the family income of a student would need to be less than a specific threshold.

    According to

, a website for student loan statistics, there are 44 million borrowers who collectively owe more than $1.4 trillion of student loans. With having the “no loan” finacial aid policies, colleges work to help student loads to allieviate their debt burden. There are 25 schools that offer this “no loan” finacial aid policies for undergraduate students.

1. Amherst College
2. this year is providing more than $50 million in scholarship aid to 55 percent of the student body. In the finacial aid packages, they have replaced all loans with scholarship grants.
3. Bowdoin College
4. More than 50% of the class of 2021 recieved the Bowdoin grant
5. Brown Univeristy
6. All Brown-packaged finacial aid awards, Brown will replace student loans with scholarship funds so they won’t be paid for the returning income starting the academic year of 2018-2019.
7. Columbia Univeristy
8. Columbia’s need-based aid is in the form of grants and student work only. Students with family incomes less than $60,000 annually, parents are not expected to contribute to the cost of the attendence.
9. Cornell University
10. Students with a family income less than $60,000 and less than $100,000 will have no parent contribution.
11. Dartmouth College
12. Students from families with total income of $100,000 or less will receive free tuition.
13. Duke University
14. Students with a family income of $60,000 or less and typical assets will have no expected parent contribution.
15. Harvard University
16. Most students graduate debt-free, and Harvard does not expect its students to take out loans as part of financial aid packages. Students with a family income from $65,000 to $150,000 will typically contribute from 0-10% of their income.
17. Northwestern University
18. The University awarded $144 million to undergraduate students in 2016-17, and approximately 45% of undergraduates received a Northwestern University Scholarship.
19. Haverford College
20. For students with a family income less than $60,000, Haverford will not include a loan expectation as a resource before determining eligibility for Haverford Grant funds.
21. Pomona College
22. Students are not required to borrow a loan to meet the cost of attending Pomona.
23. Princeton University
24. Students with a family income less than $65,000 qualify for a grant to cover full tuition, residential college fee, room and board
25. Rice University
26. For students with a family income less than $80,000, Rice will 100% of need eligibility without student loans.
27. Stanford University
28. Stanford does not expect students to borrow student loans to meet college costs. Scholarship from Stanford is the primary source of funding used to assist students with meeting their educational costs.
29. Swarthmore College
30. Nearly 60% of the entering class received need-based Swarthmore Scholarship aid.
31. Tufts University
32. Students with a family income less than $60,000 will typically receive a financial aid package that includes no student loans. Tufts Grants exceeded $70 million in 2015-16 and were by far the largest source of grant aid received by Tufts undergraduates.
33. University of Chicago
34. Need-based financial aid involves no loans. Financial aid is awarded as grants, which do not need to be repaid.
35. University of North Carolina
36. Students with a family income below 200% of the federal poverty line may be eligible for The Carolina Covenant.
37. University of Pennsylvania
38. Penn’s Grant-Based Program provides students with a financial aid award (up to financial need) that includes grants and work-study.
39. Vanderbilt University
40. Vanderbilt offers additional grant assistance instead of need-based student loans.
41. Washington University-St. Louis
42. Students with a family income less than $75,000 receive grants (instead of student loans) that will not have to be repaid.
43. Wellesley College
44. Wellesley students with the greatest financial need do not receive student loans. Wellesley lowers loan packages by one-third for many other students.
45. Wesleyan University
46. Most students with a family income less than $60,000 will receive a financial aid package without loans. Most students with a family income between $60,000 and $80,000 will receive a reduced-loan package.
47. Williams College
48. Students with a family income less than $75,000 and typical assets receive no-loan financial aid packages.
49. Yale University
50. Yale does not expect students to take out student loans. Yale financial aid awards includes a Yale Scholarship, a parent contribution and a small student contribution

Princeton Univeristy in the picture above