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The Duke Endowment has pledged $15 million to help Davidson College eliminate loans from its student financial-aid packages.
Starting in August, Davidson will replace student loans with grants. The initiative is intended to increase enrollment among students from middle- and lower-income families and allow students to graduate debt-free.
Davidson is the first national liberal arts college, and only one of a few institutions of higher education in the country, to eliminate student loans from its financial-aid packages.