Getting a good education in the United States can be expensive. The national student debt now totals over $1.4 trillion, with the average per graduate rate at $17,126. Starting adult life saddled with massive student loan debt can have long-lasting financial consequences, affecting everything from the money an individual will have saved when they retire to the likelihood of home ownership.
To help ease this burden, some colleges are doing away with student loans altogether. Instead of signing new students up for a lifetime of debt, these institutions are replacing loans with grants, ensuring a more affordable education for everyone.
But these policies don’t mean that everyone gets a free ride. The grants given are need-based, meaning that the college determines the amount of money each family needs, and the student is responsible for making up the difference. Most colleges also require students to pay a portion from their own savings, on top of a parental contribution.
If you’re looking for a school with such a policy, the following colleges are on board:
- Amherst College
- Berea College
- Bowdoin College
- Brown University
- Colby College
- College of the Ozarks
- Columbia University
- Cornell University, for students with family incomes under $60,000
- Dartmouth University, for students with family incomes under $100,000
- Davidson College
- Duke University, for students with family incomes under $40,000
- Emory University, for students with family incomes under $50,000
- Harvard University
- Haverford College, for students with family incomes under $60,000
- Lafayette College, for students with family incomes under $50,000
- Lehigh University, for students with family incomes under $75,000 and net assets worth less than $500,000
- Northwestern University
- Pomona College
- Princeton University
- Rice University, for students with family incomes under $80,000
- Stanford University
- Swarthmore College
- Tufts University, for students with family incomes under $60,000
- University of Chicago
- University of North Carolina, for students with family incomes below 200% of the federal poverty line (about $50,000)
- University of Pennsylvania
- Vanderbilt University
- Washington and Lee University
- Washington University-St. Louis, for students with family incomes under $75,000
- Wellesley College, for students with family incomes under $60,000
- Wesleyan University, for students with family incomes under $60,000
- Williams University, for students with family incomes under $75,000
- Yale University
After an aggressive fundraising campaign, Brown University is the latest college to implement such a policy. “The response so far to “The Brown Promise” has been nothing short of phenomenal,” said Brown President Christina Paxson in a statement. “This initiative takes financial aid at the University to the next level, helping us do more for moderate-income students and families. It amplifies our commitment to bringing the best and brightest students to Brown regardless of their socioeconomic background.”
[h/t: Hello Giggles]
Kate Streit lives in Chicago. She enjoys stand-up comedy, mystery novels, memoirs, summer and pumpkin spice anything. More.
