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.
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 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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