Brown University is replacing student loans with scholarships

Brown University will no longer offer student loan packages to students in need of financial aid — instead, the university will exclusively provide scholarships. On Thursday, Brown announced it had raised $30 million in donations, enabling the change. "This initiative takes financial aid at the university to the next level," Brown President Christina Paxson said.

Brown's scholarship offers for returning and incoming undergraduate students receiving financial aid will start in the 2018-2019 academic year. In the meantime, the school wants another $90 million to sustain its financial aid program through the future. If the recent fundraising drive is any indicator, Brown won't struggle to get the money it wants: In just three months, Brown received $30 million from just over 2,000 donors, and some single donations alone accounted for millions.

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Kelly O'Meara Morales

Kelly O'Meara Morales is a staff writer at The Week. He graduated from Sarah Lawrence College and studied Middle Eastern history and nonfiction writing amongst other esoteric subjects. When not compulsively checking Twitter, he writes and records music, subsists on tacos, and watches basketball.