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Are you worried about what your student loans might mean to your future?
You are not alone. Parents fret about it and so do some colleges and universities. In fact, several colleges and universities have adopted generous “no loans” financial aid policies, where grants replace loans in your financial aid package. While most institutions offer a no-loans policy to families from low-income backgrounds, a small number extend the policy to all of their students.
A no-loans policy replaces federal student loans with grants that the university pays.
However, note that 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/or student 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.
Here is one secret that you may not know. All of the Ivy League institutions (Harvard, Princeton, Columbia, Yale, University of Pennsylvania, Cornell, Brown and Dartmouth) have “no loans” policies.
See the next page for a list of no-loan schools. Also, if you are interested in a college consultation with our experts, let us know.
List of "No-Loans" Schools