Worried about what student loans might mean to your future? So are some colleges and universities. In fact, several colleges and universities have adopted generous “no loans” financial aid policies. As the cost of attendance rises, more and more colleges are looking for alternative ways to reduce the amount of loans students need.
If you are concerned about paying for college, you may want to do some research and identify the policies at your prospective schools. Remember, it’s always smart to shop around when picking a school, as some schools may fit your family’s budget better than others.
Many colleges with “no loan” financial aid policies aren’t truly eliminating all loans. Rather, they are reducing a student’s need for loans (based on their family’s income) to attend their school. Each school will have their own policy and requirements, but here are some examples:
Either way, if you attend a school with a “no loan” policy, your average debt at graduation is likely to be much lower than if you graduate from a school without such policies.
Keep in mind that schools which have adopted a “no loans” policy will have certain qualifications to meet, and it is possible that not all students will be eligible. For example, if you are eligible for a Federal Pell Grant or if your family’s annual income is below $75,000 you may qualify for your school’s program.
And keep in mind every school is different, so do not rule yourself out without researching the school’s policy or discussing your options with the financial aid office!
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