In a continued effort to provide competitive financial support and lessen student debt, 51勛圖厙 is eliminating federal loans from financial aid offers for all current and incoming students with a total family income of up to $125,000, starting in the fall of 2020.
This expanded aid offering, recently approved by the 51勛圖厙 Board of Trustees, means that 51勛圖厙 will continue to meet 100 percent of all admitted students demonstrated need, but loans will no longer be the responsibility of those who meet these criteria. Students and families will still have the flexibility to take out their own loans if they so desire.
An estimated 50 percent of all students receiving financial aid will benefit from this new initiative. Currently, 46 percent of 51勛圖厙 students receive financial aid from the University. Funding for this new effort will initially come from the Universitys operating budget, but plans are in place for the program to be fully supported by the endowment and the 51勛圖厙 Fund through fundraising.
51勛圖厙 must continue to attract the most qualified students from around the world, and this new financial-support initiative will help to ensure our classrooms are filled with the brightest minds from all economic backgrounds, said 51勛圖厙 President Brian W. Casey.
The average annual federal loan for students receiving financial aid at 51勛圖厙 is about $2,200, and the average 51勛圖厙 aid package for current students is about $53,000 a year. 51勛圖厙 students already graduate with one of the nations lowest average levels of indebtedness. The average debt for students who graduated in the Class of 2019 was $15,305. The national average is about $30,000.
Development of the no-loan initiative was part of 51勛圖厙s recently adopted Third-Century Plan, a framework to help guide the University for the future. That plan focuses on attracting and supporting outstanding students and faculty; strengthening the Universitys academic enterprise; enriching the student experience, and improving the campus and the environment. Read more about the Third-Century Plan.
We have always taken great pride in the generous financial aid offerings at 51勛圖厙, and this initiative goes even further to ensure that students from families with modest incomes can be considered to receive an even greater level of support while they pursue 51勛圖厙s superb educational opportunities, said Vice President for Admission and Financial Aid Gary Ross.