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18-12-2007, 02:11 AM
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Penn to eliminate loans by 2009
PHILADELPHIA
The University of Pennsylvania on Monday joined Harvard and other elite private colleges in announcing loan-free financial aid programs aimed at middle- and upper-middle class students.
Penn officials said they'll begin giving loan-free packages to eligible undergraduates in those income categories starting in the fall of 2009.
The school will phase in the changes by eliminating loans for students with family incomes under $100,000, replacing them with grants.
At the same time, the Ivy League school will reduce need-based loans by 10 percent for students whose families make more than $100,000. Penn already covers full tuition and room and board for students whose families earn $60,000 or less.
Penn costs about $46,000 a year for tuition and room and board.
The announcement continues a trend among top-tier schools to replace loans with grants in financial aid packages aimed at making top schools more affordable to middle- and upper-middle-class families.
Harvard and Swarthmore College announced similar policies this month.
Harvard -- whose $34.9-billion endowment is the largest of any university -- already offered one of the most generous aid programs for low-income students of any private college, also asking nothing from parents earning under $60,000.
The schools acknowledge that tuition and fees are burdensome to all but the most wealthy.
Until the early 1990s, a group of elite colleges, including Harvard, offered all students the same aid packages, arguing money shouldn't be a factor in students' decisions. But that practice was curtailed by a federal antitrust suit, and now students are more free to play schools against each other for aid.
http://www.businessweek.com/ap/financialnews/D8TJATR02.htm
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Penn to eliminate loans by 2009
PHILADELPHIA
The University of Pennsylvania on Monday joined Harvard and other elite private colleges in announcing loan-free financial aid programs aimed at middle- and upper-middle class students.
Penn officials said they'll begin giving loan-free packages to eligible undergraduates in those income categories starting in the fall of 2009.
The school will phase in the changes by eliminating loans for students with family incomes under $100,000, replacing them with grants.
At the same time, the Ivy League school will reduce need-based loans by 10 percent for students whose families make more than $100,000. Penn already covers full tuition and room and board for students whose families earn $60,000 or less.
Penn costs about $46,000 a year for tuition and room and board.
The announcement continues a trend among top-tier schools to replace loans with grants in financial aid packages aimed at making top schools more affordable to middle- and upper-middle-class families.
Harvard and Swarthmore College announced similar policies this month.
Harvard -- whose $34.9-billion endowment is the largest of any university -- already offered one of the most generous aid programs for low-income students of any private college, also asking nothing from parents earning under $60,000.
The schools acknowledge that tuition and fees are burdensome to all but the most wealthy.
Until the early 1990s, a group of elite colleges, including Harvard, offered all students the same aid packages, arguing money shouldn't be a factor in students' decisions. But that practice was curtailed by a federal antitrust suit, and now students are more free to play schools against each other for aid.
http://www.businessweek.com/ap/financialnews/D8TJATR02.htm