Colgate University eliminates loans for families making under $125k
As a Western New York-based business, we love seeing Upstate New York colleges making positive changes — especially when it results in lower student debt.
Colgate University, a prestigious college located in Hamilton, NY, recently announced a new no-loan initiative for students with a total family income up to $125,000.
Colgate’s No-Loan Initiative
Starting in Fall 2020, students from households making under $125,000 who receive financial aid will not receive student loans as part of the package.According to Colgate, families and students will still have the opportunity to take out additional loans if they desire, but their financial aid package will be made up of grants and scholarships as opposed to federal subsidized and unsubsidized student loans.
Even prior to this new no-loan policy, Colgate has been credited for their generous financial aid packages. According to Colgate, its students already graduate with one of the nation’s lowest average levels of indebtedness. The average debt for students who graduated in the Class of 2019 was $15,305, compared to the national average of about $30,000.
Reducing student loan debt
We’re very excited to see one of the best colleges in the country taking this step to help students avoid becoming burdened by student debt. Admissions at Colgate are competitive like any top college, but students with financial need can take solace in the fact that they’ll be able to minimize or even avoid student loans when paying for college.
Hopefully, other colleges will follow Colgate’s lead and reduce or eliminate student loans as part of their financial aid packages. There are already several other top colleges that have eliminated loans for all students or students under certain income levels, so it’s likely this trend with continue. With current total student debt over $1.6 trillion dollars, anything that can help reduce that is a good thing.
If you want personalized help finding affordable colleges, reducing student debt and maximizing your financial aid package, give our experts a call at 1-888-234-3907 or send us a message.