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Davidson Eliminating Loans!

takotako Registered User Posts: 2,012 Senior Member
edited April 2009 in Davidson College
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.

http://www.bizjournals.com/charlotte/stories/2007/06/04/daily49.html

:)
Post edited by tako on

Replies to: Davidson Eliminating Loans!

  • debate_addictdebate_addict Registered User Posts: 2,307 Senior Member
    Good to see that colleges are taking a more student-centralized approach.
  • DatkidDatkid Registered User Posts: 594 Member
    didn't they already announce this like three months ago?
  • purplexedpurplexed Registered User Posts: 242 Junior Member
    Yes, they announced it back in March. The most recent announcement is of a donation by the Duke Endowment to support the effort.
    And in spring 2006, they announced plans to limit loans to $3,000 a year, undercutting Emory's plans to limit loans to $5,000 a year (which could have changed by now.)
    Still, good surfing by the new news editor. It's an amazing commitment by the school and its benefactors.
  • madvillemadville Registered User Posts: 1,100 Senior Member
    I believe Princeton, Harvard, Stanford and Emory have eliminated and/or capped student loans, but does anyone else off hand know the other schools or can provide another CC link with that specific info? Thanks
  • TTwhiteTTwhite Registered User Posts: 750 Member
    More than those few have. Something like 15 have, I think. Sorry that I can't remember which ones, but looking through some books, I remember many talking about how they've eliminated loans.

    EDIT:

    I have a question regarding financial aid. I plan on applying to davidson (maybe early decision). I'm in an odd fin. aid situation, though. I live with my half sister (have for past two years). I think the FASHA will have me report their income/assets to calculate EFC (and they're rich..). The deal is, they aren't my parents, and they don't plan on giving me a penny for college. So, any EFC like that would be completely unrealistic.
    I'm trying to figure out if, and if so, how much schools would give me aid. Also, if they did, how would they calculate it.

    Any ideas? I'm worried about applying early decision because of the possibility of unfavorable financial aid decisions, which would make it impossible to attend.
  • mythmommythmom Registered User Posts: 8,305 Senior Member
    Williams and Amherst both have eliminated loans. I don't remember others.
  • TTwhiteTTwhite Registered User Posts: 750 Member
    No Loans for ANY attendees List (others have no loans for certain groups):
    Amherst, Bowdoin, CIT, Colby, Dartmouth, Davidson, Harvard, Haverford, Pomona, Princeton, Stanford, Swarthmore, UPenn, Williams, Yale.
    source: http://projectonstudentdebt.org/files/pub/type_and_coverage.pdf
  • SCMom62SCMom62 Registered User Posts: 177 Junior Member
    no loans to us middle income family means "You and your family retain the choice to take out loans as a matter of personal financing."

    We would need the loans to make up the balance left after the grant. And Davidson calculates EFC higher than FAFSA EFC.
This discussion has been closed.