How Some Colleges Are Making Moves to Allow Their Students to Graduate Debt-Free

Student Loan Cancellation Pending?

The push and pull between Americans with student loan debt and the Biden Administration has been ongoing. The pandemic-related respite has allowed Americans to take a pause on those dreaded monthly payments, but has also thrown the doors wide open on the possibility for student-loan forgiveness. 

A point of character for many college students and graduates in Biden’s presidential campaign was his support for a $10,000 forgiveness; a grace that many Americans would benefit from greatly. 

However, with all-things political, there’s a back and forth that goes along with these bright ideas, and a tedious waiting period for those anxiously waiting on the sidelines. That’s where many colleges and universities have stepped up to help answer the call for loan forgiveness and/or merciful financial assistance for undergraduates.

Colleges and Universities Making Positive Financial Changes for Undergraduates

From forgiving all federal and institutional loans to providing “need-blind” financial support, here are some of the heavy hitters working to minimize student debt and allow students to focus solely on their education.

Dartmouth College: On Tuesday, June 21, Dartmouth made headlines with the announcement that all federal and institutional student loans for undergraduates would be eliminated, and replaced with “expanded scholarship grants.” Starting with the Summer 2022 term, students attending Dartmouth will reap the benefits trickled down from the school’s “The Call to Lead” leadership campaign. 

Williams College: In April, Williams College announced that it would be converting its “entire financial aid program into the nation’s first ‘all-grant’ program.” Beginning with the Fall 2022 term, “all students receiving financial aid will receive 100 percent of their Williams award in the form of grants that do not need to be repaid.” This change includes loans from all financial aid awarded, and also drops the burden of the work-study job requirement. 

Emory University: At the start of the 2022-2023 academic year, Emory will “eliminate need-based loans as part of undergraduate students’ financial aid packages, replacing them with institutional grants and scholarships.” Part of the “Emory Advantage” program, this move will allow more students to graduate debt-free.

Ohio State University: Back in November of 2021, Ohio State made the announcement that it would work to create a “debt-free bachelor’s degree” within a decade’s time. Additionally, it would work to “raise $800 million for student scholarships; expand job and internship programs that allow students to gain experience while earning a paycheck; provide grant assistance; and extend coaching on financial education, leadership, and work skills.” While OSU is clearly in the beginning stages of revamping, work will begin as soon as the Fall 2022 semester with “125 new first-year students to be part of a Scarlet & Gray Advantage pilot program that will hone strategies to optimize university services and identify opportunities to further streamline student support.”

Princeton University: A trailblazer in helping students to receive a solid education with minimum debt, Princeton was the first university in the US to eliminate loans from its financial aid packages. Back in 2001, Princeton replaced all loans with grants that do not require repayment. “Today, 83% of [Princeton] seniors graduate with zero debt thanks to Princeton’s pioneering ‘no loan’ financial aid program for undergraduates.”

Brown University: Brown’s undergraduate financial aid packages “[meet] 100% of each student’s demonstrated financial need.” Brown achieves this by offering only scholarship grants that do not need to be repaid, and zero loans. Through “The Brown Promise” and Brown’s additional initiatives, this school is making it their goal to offer an educational experience that is “increasingly affordable to students and families from all backgrounds.”

Northwestern University: Northwestern, one of the few “need-blind” universities in the US, promises to provide undergraduate financial aid to “meet 100% of demonstrated need without loans.”

Pomona College: Another rare “need-blind” college, Pomona is able to meet “the full demonstrated financial need of all students who enroll.” 

Smith College: Back in October 2021, Smith released a letter to the community stating its promise to invest in its students. Beginning with the Fall 2022, “Smith will eliminate loans from its undergraduate financial aid packages for students receiving need-based institutional grants and replace the loan amount with grants from the college.”  

Colgate University: Colgate is committed to lessening student loan debt with the “The Colgate Commitment”—a “comprehensive financial aid initiative [that] will: eliminate tuition, significantly reduce student debt, and adjust tuition based on the family’s income levels” —set to launch with the Fall 2022 semester. 

Amherst College: Amherst’s undergraduate financial aid package is dedicated to meeting “100% of [its] students’ demonstrated need-for domestic and international students.” Through Amherst scholarships—”money dedicated solely to meeting the financial need of [its] students”— Amherst’s goal is to allow its students to focus more on their education than on accumulating student debt. 

Washington University in St.Louis: WashU is now “need-blind,” stating, “students will be considered for admission based on their abilities, not their ability to pay. We are committed to meeting 100% of demonstrated need.” 

Haverford College: Committed to reducing student debt, Haverford meets “the full demonstrated need of all admitted students who are determined to be eligible according to the College’s formula and procedures.” With initiatives such as the LIFTFAR program, Haverford has pledged its commitment to helping students—primarily those from low-income homes and first in their families to attend college—receive a solid education with minimal financial burden.  

Harvard College: Harvard’s answer to helping minimize student debt is providing need-based financial aid. Beginning with the 2022-23 academic year, Harvard promises that “families with annual incomes of up to $75,000 will be expected to contribute nothing to the cost of their child’s education.”

Yale University: Yale’s goal is to make “a Yale education affordable for everyone” by offering undergraduate financial aid on the basis of financial need. For those “Yale students with exceptional financial needs,” Yale awards HEERF Grants to those who qualify.  

What the Future Holds for Debt-Free Higher Education

The fact that so many leading colleges and universities are making such significant moves toward cutting down student debt is an extraordinary step in the right direction. Hopefully, more schools follow suit. In the meantime, we’ll stay optimistic that the tides of change are upon us, and that even more programs, initiatives, and (fingers crossed!) government forgiveness will help further progress toward eliminating student debt.

Alternatives for Students Looking to Lessen Their Financial Burden

For the time being, for students who have their eyes set on a school that has not yet made positive changes to its financial aid offering, there are cost-reducing options available. 

Community college, for example, is a favorable alternative. With many community colleges offering a 4-year pipeline for students, this option can significantly reduce financial burden. 

Moreover, some states are even getting involved, supporting the community-college-to-4-year track with programs and initiatives to help minimize student debt. For instance, the NJ STARS program, “an initiative created by the State of New Jersey that provides New Jersey’s highest achieving students with free tuition at their home county college” is making a massive difference for qualifying students, and helping quell the financial impact of college education.    

No matter the school of choice or the government’s stance on loan forgiveness, we know that the best test performances can help students earn the most scholarship money, possibly covering their college tuition and more. The best advice we can offer our students? Don’t rely on others, bet on yourself!

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