Several students and their parents have asked me to indicate the colleges I selected as no-loan colleges in the presentations I have made. As stated during the presentation, this information was derived from a report called SHOWING THEM THE MONEY: THE ROLE OF INSTITUTIONAL FINANCIAL AID POLICIES AND COMMUNICATION STRATEGIES IN ATTRACTING LOW-INCOME STUDENTS by personnel from the University of Pennsylvania and Amherst College presented to the College Board in October 2009.
The no-loan colleges are a group of highly endowed colleges and universities who provide a tremendous service to their student populations. They offer a program of grants and work-study aid that allows students to obtain a four-year education without requiring the student to obtain additional financing beyond the Expected Family Contribution (EFC). In many cases the colleges use the government FAFSA (Free Application For Student Aid) formula to determine the EFC.
The problem here is that many of these colleges are now offering these programs only to students whose families have high financial need. While I agree with the concept of providing an education for all people regardless of their ability to pay, in fact, most students upon graduation will be in very different financial circumstances once they are no longer dependents of their parents.
My question is this: Are we denying students the ability to enter a no-loan program when almost all of them will be indigent after they graduate. It is tricky stuff to disallow a student financial aid when the request for such aid is dependent on the mother and father’s income at the time of application.
It is important to note that I have separated those colleges that have residency requirements (usually state). It is also important to note that you should use this list as a guide only. You must update the list and verify the requirements for the no-loan program for each college especially in regard to income requirements and caps.
|The original study UP/Amherst: No-Loan Colleges with no local residential requirements.||The original study: No loan Colleges with residential requirements|
|Amherst College||Arizona State|
|Bowdoin College||College of William and Mary (Va.)|
|Brown University||Georgia Institute of Tech (Geo)|
|Claremont McKenna||Northern Ill (low income)|
|Columbia University||U of Florida|
|Cornell University||U of Georgia|
|Dartmouth College||U of Ill|
|Davidson College||U of Md.|
|Duke University||U of Michigan|
|Michigan State University|
|North Carolina State University|
|Rice U (friendly)|
|U of Chicago|
|U of No Carolina|
|U of Penn|
|U of Virginia|
|US Military Academy||List was last updated Sept. 02, 2012|
|US Naval Academy|
|Wasington and Lee|
|Wash U St Louis (60k)|
|Total of 40 schools|