Dartmouth College is eliminating all federal and institutional loans from its undergraduate financial aid and replacing them with extended scholarships, starting from the current summer term, the school president said.
Currently, Dartmouth college students from families with an annual income of $ 125,000 or less who own typical assets are offered need-based help without a necessary loan component.
Dartmouth is now eliminating the loan requirement for college students from families with an annual income of more than $ 125,000 who receive needs-based financial aid. This will reduce the debt burden for hundreds of middle-income Dartmouth students and their families by an average of $ 22,000 over four years, the school said in a press release Monday.
A fundraising effort that began in 2018 called The Call to Lead has deepened Dartmouth’s commitment to making college education accessible and affordable for the most promising and talented students around the world and from all backgrounds. said President Philip Hanlon.
Dartmouth College will replace loans with extended scholarships. Bloomberg via Getty Images
More than 65 families supported the campaign’s goal of removing loan requirements from Dartmouth’s undergraduate financial aid awards, pledging more than $ 80 million in endowment gifts.
Dartmouth joins colleagues at Brown University, Columbia University, Harvard University, the University of Pennsylvania and Yale University to adopt non-lending policies, The Dartmouth reported.