Colby College To Replace Student Loans With Grants
Posted on January 27, 2008
Filed Under Student Loans |
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Colby College To Replace Student Loans With Grants
In the previous post, we discussed why it was that some college’s could reduce college tuition while others saw fit to increase college tuition so they could increase financial aid to students.
Now we see another college stepping up and doing what’s right for the student, not the faculties pocket books.
Colby college announce that starting in 2008-09 school year, they will eliminate student loans from students financial plans. Instead they will replace them with Grants. As most of you know, Grants do not have to be paid back.
This move will allow students who qualify for student loans to have these loans replaced by Grants. More importantly, this will allow these students to graduate without the extra burden of student loan debt! Hellooo….Dickinson college…are you listening?
Colby is taking a leadership role in the shift among liberal arts colleges, joining fewer than a dozen private institutions in the United States committing institutional funds to eliminate institutional loans in an effort to make their programs affordable to the broadest range of qualified students regardless of ability to pay. Now this is what colleges and universities should be spending their money on, not fattening the wallet of a few faculty or board of trustee members.
Colby’s program is a need bases system. It calculates the students need for financial aid based on their ability to repay the money borrowed.
Colby’s President, William Adams said about the program
“It is principally about access and affordability. As comprehensive fees rise, we can do and we should do more. We don’t want any student not to come to Colby because of concerns about paying off student loans.”
How’s that for placing more concern on Student needs rather than your own?
In October, the board decided to eliminate all student loans for Maine students. They were then asked at that time to look into eliminating all student loans for all students.
This move by Colby and other education institutions will allow students to focus more on finding the right career when they get out of college rather than settling for any ole job because they’re forced to start paying off student loan debt.
Colby College To Replace Student Loans With Grants
