Policy, Economy

Colleges are getting rid of student loans, offering grants instead

More colleges are abolishing student loans to avoid making the $1.7 trillion debt crisis worse

10/25/2021 8:21:00 PM

More colleges are abolishing student loans to avoid making the $1.7 trillion debt crisis worse

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into their own hands by making it impossible for students to take out loans in the first place.Colgate University, a private college in New York, recently announced it's using its $1.3 billion endowment to make a four-year education significantly more affordable for students. The university launched an

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initiativethat would make Colgate tuition-free for students with an annual family income of less than $80,000, and for students with family incomes of up to $15o,000, they will not have to take out student loans to pay for their education — they will be offered grants, instead.

"We have a $1.3 billion endowment for a relatively small school," Colgate University President Brian CaseyYahoo Finance."We have very strong alumni support. So we went to our alumni and said: 'We want to start taking away student loans.'"  headtopics.com

Smith College, a private school in Massachusetts,announcedlast week an initiative to eliminate student loans from its undergraduate financial aid packages for students receiving need-based grants. And for students with expected family contributions of less than $7,000, they will receive one-time"start-up grants" of $1,000, along with their financial aid packages.

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It's good that there are lawmakers in support of this. They should want to lessen the debt crisis because it not only makes things harder for borrowers, but it also makes things more complicated for the government. I wouldn't mind for some of my student loans to be 'abolished'. 更多的大学正在取消学生贷款,以避免让1.7万亿美元的债务危机恶化

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