Colleges Pledge to Eliminate Loans for Needy Students

Apr 09, 2010

A new survey from The Project on Student Debt found that many colleges plan to continue their pledges to eliminate or limit loans for needy students despite the tough economy.

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colleges eliminate loans

The financial situation at many post-secondary institutions mirrors the economic woes of the country. Enrollment is up at many colleges and universities, but revenue has fallen considerably. A number of institutions have been forced to raise tuition and cut jobs and programs to close budget gaps.

Several schools that previously had a 'no loan' policy, including Dartmouth College and Williams College, recently announced plans to reintroduce loans into their financial aid packages. However, there are some schools that are holding firm and maintaining their commitment to limit student debt despite the shaky economy.

The Project on Student Debt, a nonprofit independent research and policy organization that raises awareness about student debt and college affordability, recently identified and surveyed more than 50 schools that have limited or eliminated student loans in their financial aid packages. All of the institutions surveyed say that they have no plans to change their policies for at least two academic years.

Of the 50+ institutions on the Project's list, 44 are private schools and 17 are public schools. These schools account for 8% of all four-year college students in the United States.

harvard university, harvard eliminates loans

Harvard University has eliminated loans for students of all income levels.

Colleges and Universities That Will Eliminate or Limit Loans

Although the following schools require some student contribution of earnings from academic year work such as a federal work-study job or summer work, all of them have pledged to eliminate or limit loans from their financial aid packages for needy students, and in some cases, middle- and upper-income students as well.

Educational Institution Maximum Family Income Role of Loans
Amherst College No Income Limit No Loans
Appalachian State Federal Poverty Level No Loans
Arizona State University $25,000* No Loans
Bowdoin College No Income Limit No Loans
Brown University $100,000 / No Income Limit No Loans / Loan Limits
California Institute of Technology $60,000 No Loans
Claremont McKenna College No Income Limit No Loans
Colby College No Income Limit No Loans
College of William and Mary $40,000* No Loans
Columbia University $50,000 No Loans
Connecticut College $50,000 / $75,000 No Loans / Loan Limits
Cornell University $75,000 / $120,000 No Loans / Loan Limits
Davidson College No Income Limit No Loans
Duke University $40,000 / No Income Limit No Loans / Loan Limits
Emory University $50,000 / $100,000 No Loans / Loan Limits
Georgia Institute of Technology $33,300* No Loans
Harvard University No Income Limit No Loans
Haverford College No Income Limit No Loans
Indiana University - Bloomington 185% of Federal Poverty Level No Loans
Lafayette College $50,000 / $100,000 No Loans / Loan Limits
Lehigh College $50,000 / $75,000 No Loans / Loan Limits
Massachusetts Institute of Technology $75,000 / No Income Limit No Loans / Loan Limits
Michigan State University Federal Poverty Level No Loans
North Carolina State University 150% of Federal Poverty Level Loan Limits
Northwestern University EFC Less than 20% of COA / No Income Limit No Loans / Loan Limits
Oberlin College Pell Eligible No Loans
Pomona College No Income Limit No Loans
Princeton University No Income Limit No Loans
Rice University $80,000 / No Income Limit No Loans / Loan Limits
Stanford University No Income Limit No Loans
Swarthmore University No Income Limit No Loans
Tufts University $40,000 No Loans
University of Arizona $42,400 No Loans
University of California System No Income Limit* Loan Limits
University of Chicago $60,000 / $75,000 No Loans / Loan Limits
University of Florida $40,000* No Loans
University of Illinois at Urbana - Champaign Federal Poverty Level No Loans
University of Louisville 150% of Federal Poverty Level No Loans
University of Maryland, College Park EFC of 0 by Federal Methodology / No Income Limit No Loans / Loan Limits
University of Michigan, Ann Arbor EFC of 0 by Federal Methodology* No Loans
University of North Carolina, Chapel Hill 200% of Federal Poverty Level No Loans
University of Pennsylvania No Income Limit No Loans
University of Tennessee 150% of Federal Poverty Level No Loans
University of Virginia 200% of Federal Poverty Level / No Income Limit No Loans / Loan Limits
Vanderbilt University No Income Limit No Loans
Vassar College $60,000 No Loans
Washington University, St. Louis $60,000 No Loans
Wellesley College $60,000 / No Income Limit No Loans / Loan Limits
Wesleyan University $40,000 No Loans
Yale University No Income Limit No Loans

Source: Project on Student Debt

*In-state students only

To learn more about how much you might be expected to pay to attend the colleges and universities on the above list, see the interactive chart created by the Project on Student Debt. The chart shows how much students and their parents are required to contribute based on income level.

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