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.

In 2003, Brown announced that it would implement need-blind admissions for U.S. students to ensure that the university did not reject the admission of applicants who were unable to pay tuition. Five years later, the school eliminated parent contribution to tuition for families making less than $60,000 and replaced student loans with scholarships for families making below $100,000.

Subscribe to The Week

Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

SUBSCRIBE & SAVE
https://cdn.mos.cms.futurecdn.net/flexiimages/jacafc5zvs1692883516.jpg

Sign up for The Week's Free Newsletters

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

Sign up

The eventual complete elimination of student loans is intended to "create opportunities for greater economic diversity among students." In 2017, the total cost of attendance at Brown University for one year was a whopping $64,566 for tuition, fees, and room and board — still only the 50th most expensive college in the country. For the 2018-2019 academic year, the price will jump to $67,439.

To continue reading this article...
Continue reading this article and get limited website access each month.
Get unlimited website access, exclusive newsletters plus much more.
Cancel or pause at any time.
Already a subscriber to The Week?
Not sure which email you used for your subscription? Contact us