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*Brown University announced Thursday that it will stop providing loans to students and will only give out grants, in an effort to ensure that students graduate without a mountain of debt.
Beginning with the Fall 2018 semester, all students who receive financial aid from the Ivy League university will receive scholarships, which they don’t have to pay back.
The aim is to make the university more affordable and accessible, particularly to middle-income families, said Brown spokesman Brian Clark, per HuffPost. The students most likely to benefit are those who may not have been eligible for the university’s grants to low-income students from families making less than $100,000 per year but still were not able to afford the school’s tuition of $67,000 per year with room and board. Some of those families were forced to take out loans to make up the difference.
“It’s important that students who come to Brown are able to pursue fulfilling careers and not just make decisions based on grappling with debt after graduation,” Clark told HuffPost. “And when students are thinking about where to apply, the sticker price can dissuade them from even trying. We want them to know Brown is a choice for them.”
With this move, Brown joins about 15 to 20 four-year colleges and universities ― out of more than 3,000 nationwide ― that have a loan-free aid policy, including other Ivy League universities, such as Princeton and Yale.
More than 1,000 students are expected to benefit from the loan-free program next year.
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