Vassar eliminates loans for some

twinmom
Tue, 11 Mar 2008 19:47:59 +0000

The Vassar College Board of Trustees has announced another significant step toward assuring access to a Vassar education for students of diverse economic backgrounds, by approving the elimination of loans from the financial aid packages of students with calculated family incomes of up to $60,000. The college will replace those loans with additional Vassar scholarship grants, adding approximately $1 million a year to the college’s already strong financial aid commitment. The policy will take effect in the fall of 2008 and will apply to students in all four classes, including current students.

“We believe strongly that financial circumstances should not be a barrier for a qualified student who wants to come to Vassar,” said Catharine Bond Hill, president of the college and a nationally known economist specializing in higher education, specifically issues of affordability. “For Vassar, increasing access is a priority, and our Board has strengthened the resources necessary to live up to that commitment. Our financial aid is an investment in the rich diversity of our students, which is central to our mission.”

Vassar is one of only a half dozen colleges with endowments of less than $1 billion to take the step of replacing loans in financial aid awards. Among its peer colleges and universities, including many of the schools that also have announced loan replacement policies, Vassar annually is a leader in the percentage of its students who receive financial aid, with approximately 55% of its students currently receiving aid. All Vassar financial aid is based on need.

The Board’s action follows its decision last spring to return to a need-blind admissions policy, with admissions decisions being made without regard to a student’s ability to pay. The need-blind policy and the elimination of loans apply to all students who are U.S. citizens or permanent residents. The college has historically met 100% of the demonstrated financial need of all of its admitted students, including international students, for all four years and will continue to do so.

[Vassar College further strengthens commitment to access and affordability](http://www.vassar.edu/headlines/2008/080310-tuition.html)