Worried about what student loans might mean to your future? So are some colleges and universities. In fact, about six dozen colleges and universities have adopted generous “no loans” financial aid policies, where grants replace loans in your financial aid package.
In many cases, you have to be a low-income student (as defined by the school) to qualify. Here are several examples of how you might qualify:
Most colleges with “no loans” financial aid policies aren’t truly eliminating all loans. Many of these colleges require a minimum student contribution that could include part-time student employment and student loans (if the expected student contribution is converted into loans).
Instead of a “no loans” policy, some colleges have adopted a low cap on the amount students can borrow. Even so, your average debt at graduation is likely to be much lower than at other schools.
All of the Ivy League institutions (Harvard, Princeton, Columbia, Yale, University of Pennsylvania, Cornell, Brown and Dartmouth) have “no loans” policies. Here is a list of other great schools with these policies:
In addition to these schools, there are about a dozen colleges that offer free tuition, including the U.S. military academies. Some of these schools do not allow their students to borrow from federal or private student loan programs.
Some colleges have scaled back the generosity of their no-loans financial aid policies. These schools continue to exclude loans from the financial aid packages of low-income students:
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