Brown University will officially become the first college in the country to eliminate student loans from all undergraduate financial aid packages and replace the loans with grants that do not need to be repaid after completing an initial fundraising goal of $30 million less than three months after announcing the campaign in September, according to the school’s president.
“The response so far to The Brown Promise has been nothing short of phenomenal,” Brown president Christina Paxson said in a press release.
“This initiative takes financial aid at the University to the next level, helping us do more for moderate-income students and families. It amplifies our commitment to bringing the best and brightest students to Brown regardless of their socioeconomic background.”
The Hill added:
The university said it received donations from 2,087 donors ranging from $1 to donations in the millions.
Scholarships will begin replacing loans in Brown students’ financial aid packages beginning in the 2018-19 academic year. Both incoming freshman and returning undergraduate students will benefit from the new policy.
In a statement announcing the fundraising campaign in September, Paxson said the university was “committed to making a Brown education accessible to students from all incomes groups.”
“When students and their families are sitting at their dining room tables making decisions about where to apply to college, or whether to accept an offer of admission, we want them to know that Brown is an affordable choice,” she said at the time.
Brown will continue its fundraising campaign in order to sustain the program.