Few schools backing off "no loan" pledges
When both Williams and Dartmouth colleges announced over winter that they would retreat from from pledges to fund full student need through grant aid alone, it seemed more than possible that other schools would follow.
A new survey, however, suggests that most colleges with "full-need" pledges do not plan to abandon or even weaken them.
The Institute for College Access & Success surveyed 52 schools with pledges to meet the full demonstrated financial need and to either limit or eliminate loans from those packages. They found no other school planning major changes in their policies in the next two years.
Here is a list of the schools and their pledges.
Several dozen private and public colleges have adopted "full-need" aid formulas, mostly over the last few years, as a way to assure low- and middle-income families that there is a limit to the amount they will have to pay for a college education. The policies at Harvard and Princeton are fairly well-known; here are some less-celebrated local examples.
The University of Maryland covers all student costs with grant aid and work-study for students whose expected family contribution works out to zero.The same program kicks in for seniors who have accumulated $15,900 or more in need-based loans, to cover expenses above the family contribution.
The University of Virginia covers all costs beyond the expected family contribution with work-study and grant aid for students with family incomes below 200 percent of the poverty line. The same terms apply for students with need-based loans totaling $23,000 or more over four years.
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Daniel de Vise
April 8, 2010; 2:15 PM ET
Categories: Access , Aid , Finance , Research | Tags: college full need, college student aid, financial aid umd, financial aid uva, student aid umd, student aid uva, student financial aid, student loans maryland, student loans virginia
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