More colleges are abolishing student loans to avoid making the $1.7 trillion debt crisis worse
into their own hands by making it impossible for students to take out loans in the first place.
Colgate University, a private college in New York, recently announced it's using its $1.3 billion endowment to make a four-year education significantly more affordable for students. The university launched anthat would make Colgate tuition-free for students with an annual family income of less than $80,000, and for students with family incomes of up to $15o,000, they will not have to take out student loans to pay for their education — they will be offered grants, instead.
"We have a $1.3 billion endowment for a relatively small school," Colgate University President Brian Casey Yahoo Finance."We have very strong alumni support. So we went to our alumni and said: 'We want to start taking away student loans.'" last week an initiative to eliminate student loans from its undergraduate financial aid packages for students receiving need-based grants. And for students with expected family contributions of less than $7,000, they will receive one-time"start-up grants" of $1,000, along with their financial aid packages.
"Eliminating loans from our aid packages also aligns strongly with our institutional commitment to racial justice and equity—given that, on average, Black and Latina/o students, at Smith and across the nation, graduate with more student debt than their peers," Smith College President Kathleen McCartney wrote in a letter.
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