<p>This article really failed at defining what loan-free financial aid actually is. The way Swat and other no-loan schools work is that they calculate what each family can pay for college. Remember this is the college’s definition. The college then meets the gap between what the family can pay and the tuition and fees in grants only, not loans. HOWEVER, if a family believes that they cannot pay what the college expects them to pay, then they can meet that difference in private and subsidized loans if they so choose. Other colleges and universities include loans as a way to bridge the gap between expected family contribution and tuition. No loan schools do not do that. Even at colleges and universities with the very best financial aid, not every family is going to feel that they are able to pay their expected contribution. Either those students choose not to attend the college or they may take out loans. This is nothing new. There’s no reference to whether colleges are actually cutting back their financial aid policies.</p>