The new policy, set to be announced today , is a marketing coup. It’s also a challenge to other small, private liberal arts schools…</p>
<p>About a third of Davidson’s 1,700 students require financial assistance. In the past, that came in the form of grants, loans and campus employment.</p>
<p>The cost of attending Davidson is $38,784 a year. But loans to cover that cost can create substantial debt for graduates. According to the U.S. Department of Education, 26 percent of Davidson students received loans that averaged $8,384 a year in the 2004-05 school year…</p>
<p>Benny Walker, Furman’s vice president for enrollment, said Davidson traditionally has attracted fewer low-income students. He said it appears Davidson is trying to attract more highly qualified students from low-income families…</p>
<p>?The trustees are deeply committed to this new policy that will be funded entirely with new moneys,? John F. McCartney, chairman of Davidson’s board, said in a prepared statement.</p>
<p>To permit students to graduate from Davidson debt-free, trustees have committed existing money and have plans to raise more, said McCartney.</p>
<p>The Davidson plan applies only to loans obtained through the school to pay tuition, fees, room and board. College officials said they have no control over students and their families who obtain privately arranged loans.</p>
<p>?This new policy is the necessary response to the financial situation facing many applicants and their families, and know it is consistent with a core value of the college,? said Davidson president Robert F. Vagt.</p>
<p>The new policy will take effect in August.</p>
<p>Davidson officials said the college will maintain needs-blind admissions, meaning a family’s ability to pay has no bearing on whether a student is admitted.