For some Ivy League schools, the idea of eliminating student loans from their financial aid packages is starting to become a bigger trend.
Dartmouth College is the latest mark its progress in making these changes to financial aid packages. The college mentioned its fundraising campaign on April 27, according to The Dartmouth. The current goal is to amass $3 billion by 2022 to fund a variety of school projects including the elimination of student loans from financial aid packages.
Since the email went out, the campaign saw about $20 million being raised toward this goal through five Dartmouth families’ commitments and gifts – just three days later, according to the Associated Press. Since the campaign initially started, Dartmouth has raised over $1.5 billion since 2014.
In addition, the campaign also noted that the four-year-old Centennial Circle, an alumnae group committed to raising financial aid for female students through gifts starting at $100,000, is growing and will hit 250 members by 2019, up from today’s 188.
As for Dartmouth’s students not having access to loans, this isn’t new as students with family incomes of less than $100,000 are exempt from borrowing at the school; however, many other students do have loans. For the class of 2017, the average debt for students totaled $23,400 for the four-year program, the AP reported.
Brown to Use Scholarship Funds
Brown University has also made moves toward eliminating student loans from its financial aid offers. In December 2017, the Ivy League school announced it had reached its $30 million initial fundraising goal to make way for swapping loans with scholarship funds in its financial aid packages for incoming and returning undergraduate students. This initiative officially starts funding tuition in the 2018-2019 academic year.
The news follows Brown’s September announcement of its campaign to remove loans from all university-sanctioned undergraduate financial aid awards by replacing them with scholarship funds which don’t require repayment.
The school achieved its goal in just three months by accepting funds from the Brown community, including a wide range of donations varying from as little as $1 to millions. According to a press release, 2,087 total donors have provided financial support since September’s kick off.
“The response so far to The Brown Promise has been nothing short of phenomenal,” Brown President Cristina Paxson said of reaching their goal via press release. “This initiative takes financial aid at the University to the next level, helping us do more for moderate-income students and families. It amplifies our commitment to bringing the best and brightest students to Brown regardless of their socioeconomic background.”
So what’s next for Brown? The school is looking at an initiative to raise $90 million as a means to ensure the financial aid initiative’s sustainability.
Author: Mike Brown
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