It may sound crazy, but there are colleges and universities out there. That means that these schools have “no-loan” policies, effectively taking student loans out of their financial aid packages. This may sound great to students staring down hefty college tuition costs, or those who are struggling with student debt.
While a traditional financial aid package, aiming at providing affordable education to students, might include a combination of student loans, scholarships, grants, and maybe tuition waivers, no-loan colleges are attempting to meet all of their students’ financial needs (as it relates to education) without loans.
No-loan colleges aren’t necessarily new, either. The first no-loan colleges began popping up around 20 years ago, but more and more are starting to utilize no-loan financial aid packages — again, which utilize a combination of scholarships, grants, and maybe work-study programs instead of student loans.
Again, this can be something of a godsend to students looking for education financing, free tuition, or affordable education. And the good news is that the list of no-loan colleges is growing — students just need to know what to look for.
Affordable education! A list of no-loan colleges
According to U.S. News & World Report, data shows that of the 1,200 or so schools ranked in the publication’s annual surveys, 48 of them reported no-loans financial aid policies. There are all sorts of schools, too, that are doing it. From large, national universities to smaller, regional colleges.
The publication also notes, though, that of those 48 schools, 20 of them said that they meet full financial needs of students. So, there are some things to keep in mind for interested students, and some fine print to read through. The bottom line: No-loan schools aren’t free.
With all of this top of mind, here are some schools that have no-loans policies. But again, prospective students will need to look at the details to get the full idea of what attending would cost (per Bankrate):
- Amherst College
- Bowdoin College
- Brown University
- Colby College
- Columbia University
- Davidson College
- Dartmouth College
- Harvard University
- Massachusetts Institute of Technology
- Northwestern University
- Pomona College
- Princeton University
- Stanford University
- Swarthmore College
- University of Chicago
- University of Pennsylvania
- Vanderbilt University
- Washington and Lee University
- Yale University
There are other schools, too, that have no-loan policies for certain students, such as Arizona State University, Duke University, Texas A&M University, Vassar College, and Wesleyan University, too.
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