More colleges rethink student loans as debate over debt cancellation rages on

debt cancellation is forcing colleges to confront their role in a lending system that provides critical access for those wanting to attend but comes at a cost that can limit the value of higher education. Eliminating the need to borrow positions colleges to attract and retain strong students, but sustaining and scaling the policy is challenging.There is a reason only 76 colleges and universities have adopted no-loan policies since Princeton University’s seminal program in 2001: It is expensive.

“There was a real racial disparity in borrowing — 89 percent of our Black students had loans and only 56 percent of our White students,” McCartney said. “We’ve been working on a plan to promote racial justice and equity, and we thought we just have to eliminate loans. That will send a powerful message to our students that we are serious about racial justice.”

, McCartney said she believes the college could do more. Double-digit endowment returns coupled with a $50 million gift from a graduate has created a path.A portion of the money will fund one-time grants of $1,000 for low-income students to start their college careers and $2,000 grants for graduating seniors to embark on life after college. Taken as a whole, the student aid initiatives represent a $7 million annual increase to Smith’s financial aid budget.

College isn't for everyone. We can always use more plumbers and mechanics.

good

There should be student loans, but lower the interest rates!

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