Word: loan
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...Even more schools have taken steps to reduce debt among their neediest students. Among them: Caltech, which this year began replacing loans with grants for American students with household incomes below $60,000, and College of the Holy Cross, which offers free tuition to students from its surrounding community in Worcester, Mass., if their family makes less than $50,000. And many public and private universities now offer similar packages to state residents who are at or below the federal poverty level of $21,000 a year for a family of four. "Students' tuition, fees, food, books and a place...
...avoid such an outcome, Davidson - whose $446 million endowment ranked 143rd in the U.S. last year - is tapping alumni and other private donors to pay for its loan-elimination program. The school has already raised $15 million of the $70 million needed to fund the initiative. And should Davidson have trouble getting alums to kick in enough cash, the school's trustees have pledged to dip into operating reserves rather than raise tuition costs. "This is the right thing to do to make sure every kid, no matter what their family's income, gets a first-rate education," Ross says...
...loan-elimination program, Bowdoin will earmark approximately $22 million, or about 16%, of its $140 million operating budget. Claremont McKenna, which has 1,200 students, has said only that the school plans to increase its financial-aid-grant budget by $1 million...
...course, the colleges that don't offer such tuition breaks know they will likely lose students to those that do. But don't expect state schools to start rushing in. Even public universities that have large endowments have yet to embrace no-loan programs. Take the University of California system, whose $6.4 billion endowment was the 12th biggest in the nation last year. The UC schools already educate more poor kids than their Ivy League counterparts, both in terms of absolute numbers and as a proportion of their student bodies. Even at the system's flagship schools, UCLA and Berkeley...
...least, a student whose family earns $90,000 would have to pay as little as $4,500 to go to Harvard but would get little to no financial aid to help cover Berkeley's annual cost of $25,000. A no-loan program "is not a sustainable solution for us," says Berkeley chancellor Robert Birgeneau, who is heading a task force charged with examining how to keep college affordable for all families in the state. "We'd likely not be able to help the poorest students as well down the line." (To see the evolution of the college dorm room...