In an attempt to eliminate student loans, Dartmouth and Vanderbilt are expanding financial aid awards!
The ever-growing burden of student loan debt has become a major hurdle for those who want a college degree. And in the middle of the worst year to apply for financial aid, some colleges are offering a solution for students worried about college costs. So, in hopes of providing opportunities for a higher education, both Dartmouth and Vanderbilt recently announced significant expansions to their financial aid awards programs. Their goal? Try to eliminate student loans for a large portion of students.
Vanderbilt University announced it is expanding Opportunity Vanderbilt to include full-tuition scholarships to students of families with an annual income of $150,000 or less. Meanwhile, Dartmouth also said it is nearly doubling its current income threshold for a “zero parent contribution” for parents with an annual income of $125,000, a significant increase from the previous limit of $65,000.
With the Free Application for Federal Student Aid (FAFSA) experiencing issues this year, students already burdened by college costs now face additional issues. These challenges could potentially discourage students from enrolling in college altogether. So, according to Doug Christiansen, Vanderbilt’s dean of admissions and financial aid, with the cost of education escalating, it’s so important to make sure there it can be accessible.
“Increasing the threshold for expected parent contributions for a greater number of families is a strong, important commitment to addressing the college affordability concerns for middle-income families. College affordability is a serious issue for these families.” says Lee Coffin, Dartmouth’s vice president and dean of admissions and financial aid. To fuel its expansion of undergraduate financial aid awards starting next academic year, Dartmouth College received a historic $150 million donation – the largest gift dedicated solely to scholarships in the school’s history – from the late Glenn Britt.
The Princeton Review reports that over two dozen colleges are leading the charge in eliminating student loans entirely. The 23 institutions listed bellow, included in their “The Best 389 Colleges” list, guarantee to meet 100% of their students’ demonstrated financial need with grant rather than debt.