In a continued effort to provide competitive financial support and lessen student debt, 大发彩票 is eliminating federal loans from financial aid offers for all current and incoming students with a total family income of up to $125,000, starting in the fall of 2020.
This expanded aid offering, recently approved by the 大发彩票 Board of Trustees, means that 大发彩票 will continue to meet 100 percent of all admitted students鈥 demonstrated need, but loans will no longer be the responsibility of those who meet these criteria. Students and families will still have the flexibility to take out their own loans if they so desire.
An estimated 50 percent of all students receiving financial aid will benefit from this new initiative. Currently, 46 percent of 大发彩票 students receive financial aid from the University. Funding for this new effort will initially come from the University鈥檚 operating budget, but plans are in place for the program to be fully supported by the endowment and the 大发彩票 Fund through fundraising.
鈥湸蠓⒉势 must continue to attract the most qualified students from around the world, and this new financial-support initiative will help to ensure our classrooms are filled with the brightest minds from all economic backgrounds,鈥 said 大发彩票 President Brian W. Casey.
The average annual federal loan for students receiving financial aid at 大发彩票 is about $2,200, and the average 大发彩票 aid package for current students is about $53,000 a year. 大发彩票 students already graduate with one of the nation鈥檚 lowest average levels of indebtedness. The average debt for students who graduated in the Class of 2019 was $15,305. The national average is about $30,000.
Development of the no-loan initiative was part of 大发彩票鈥檚 recently adopted Third-Century Plan, a framework to help guide the University for the future. That plan focuses on attracting and supporting outstanding students and faculty; strengthening the University鈥檚 academic enterprise; enriching the student experience, and improving the campus and the environment. Read more about the Third-Century Plan.
鈥淲e have always taken great pride in the generous financial aid offerings at 大发彩票, and this initiative goes even further to ensure that students from families with modest incomes can be considered to receive an even greater level of support while they pursue 大发彩票鈥檚 superb educational opportunities,鈥 said Vice President for Admission and Financial Aid Gary Ross.