Dartmouth College eliminates undergraduate student loans and replaces them with scholarship grants

DARTMOUTH COLLEGE. CHANGING ITS FINANCIAL AID PACKAGES FOR UNDERGRADUATE STUDENTS. THANKS TO SOME VERY GENEROUS ALUMNI DONATIONS. NBC5'S JOHN HAWKS WAS ON CAMPUS TODAY. and has more. JOHN? (áááTRANSááá) (áááJOHNááá) THAT'S RIGHT. DARTMOUTH COLLEGE IS TAKING A BIG STEP TO MAKING AN UNDERGRADUATE DEGREE MUCH MORE AFFORDABLE AT THE PRIVATE SCHOOL. STARTING WITH THE SUMMER 2022 TERM, DARTMOUTH COLLEGE IS REMOVING ALL FEDERAL AND INSTITUTIONAL LOANS FROM ITS UNDERGRADUATE FINANCIAL AID AWARDS AND REPLACING THEM WITH EXPANDED SCHOLARSHIP GRANTS. THANKS TO A FUND-RAISING CAMPAIGN LAUNCHED IN 2018 RAISING 3.3 BILLION DOLLARS. <DINO KOFF DIRECTOR OF FINANCIAL AID DARTMOUTH COLLEGE :31 THE DARTMOUTH COMMUNITY ALUMNI HAVE REALLY STEPPED UP BY BEING ABLE TO SAY THAT WE'RE NO LOAN FOR ALL STUDENTS, WHETHER YOU'RE LOW INCOME, MIDDLE INCOME, HIGH OR MIDDLE INCOME, THIS IS WONDERFUL.> THE COLLEGE ALREADY PROVIDES NEED- BASED AID TO STUDENTS WHOSE FAMILIES EARN 125- THOUSAND DOLLARS A YEAR OR LESS. NOW -- IT'S DOING THE SAME FOR FAMILIES WITH HIGHER INCOMES WHO WOULD STILL QUALIFY. DARTMOUTH SAYS THIS WILL DECREASE DEBT BY AN AVERAGE OF 22-THOUSAND DOLLARS PER STUDENT. <DINO KOFF DIRECTOR OF FINANCIAL AID DARTMOUTH COLLEGE 9:53 HOPEFULLY HELPS STUDENTS MAKE DECISIONS TO COME TO DARTMOUTH WHO ARE MIDDLE INCOME MAY NOT GET QUITE AS MUCH NEED-BASED AWARD THAT THEY ARE HOPING TO GET COMPARED TO MAYBE A MERIT AWARD. WE'VE HOPEFULLY CLOSE THE GAP A LITTLE WITH THIS ANNOUNCEMENT.> THIS CHANGE WILL HELP OUT THE SO-CALLED UPPER MIDDLE- CLASS FAMILIES WHO CANNOT AFFORD TO PAY - OUT OF POCKET- THE NEARLY 84 THOUSAND DOLLAR PRICE TAG TO ATTEND DARTMOUTH. OFFICIALS AT THE COLLEGE ESTIMATES THE NEW POLICY WILL AFFECT ABOUT 450 OF THE NEARLY 12 HUNDRED INCOMING STUDENTS FOR THE 2022-2023 SCHOOL YEAR. <G. DINO KOFF DIRECTOR OF FINANCIAL AID DARTMOUTH COLLEGE 3:25 WE WANT ALL ALUMS TO BE ABLE TO DO WHAT THEY HAVE INTEREST IN, WE DON'T WANT LOAN DEBT, TO IMPACT THE DECISIONS THEY MAKE AND THE CAREER CHOICES. (áááTRANSááá) (áááJOHNááá) DARTMOUTH HAS BEEN ROLLING OUT NEW FINANCIAL AID THROUGHOUT THIS PAST YEAR, LIKE CHARGING THE SAME FOR STUDYING ABROAD AS IT WOULD COST TO BE ON CAMPUS IN HANOVER. AND ELIMINATING PARENT CONTRIBUTIONS FOR FAMILIES MAK

Dartmouth College announced Tuesday it was eliminating student loans for undergraduates and replacing them with "expanded scholarship grants," the university said in a news release.The initiative is part of the Ivy League school's "The Call to Lead" leadership campaign, and will begin starting June 23 for the summer 2022 term, the release said. The announcement also means Dartmouth's class of 2022 will be the first class to enter the school and benefit from this program, the release said."Thanks to this extraordinary investment by our community, students can prepare for lives of impact with fewer constraints," Dartmouth President Philip J. Hanlon said in a statement.Dartmouth's announcement comes amid the ongoing debate about student loan debt in the U.S., where 43 million people are waiting to find out if President Joe Biden will wipe away all or part of their federal student loan debt. In April, after facing months of pressure from other Democrats to cancel $50,000 per borrower, Biden said he was considering some broad student loan forgiveness, though a smaller amount.Dartmouth previously eliminated the loan requirement for undergrads from families with an annual income of $125,000 or less. That will now be extended to families making more than $125,000 or less who receive need-based aid, the release said.The transition to a "no loan financial policy" will benefit students from middle-income families, the release said. The initiative is "the culmination of a remarkable series of achievements that have transformed Dartmouth's financial aid resources and policies over the past year, propelled by more than $120 million in scholarship gifts and pledges to the endowment since September 1," the release said."More than 65 families supported the campaign goal to eliminate loan requirements from Dartmouth's undergraduate financial aid awards, committing more than $80 million in gifts to the endowment," the release said.An anonymous donor committed $25 million to complete the campaign, which was "one of the largest scholarship endowments in Dartmouth history," the release said."When I think of the exciting and transformational opportunities now available to these students without this financial barrier, I believe it's one of the most meaningful achievements of the campaign," Dartmouth alumna Ellie Loughlin said in a statement.Dartmouth is not the only school to have modified its policy on student loans. Williams College in Massachusetts switched all financial aid to no-payback grants starting this fall.In Georgia, Emory University announced in January it would be eliminating need-based loans as part of undergraduate financial aid packages, and replacing them with institutional grants and scholarships.Ohio State University announced in November 2021 that it would use its endowment to eliminate student loans within the decade for its "debt-free degree" plan.

HANOVER, N.H. —

Dartmouth College announced Tuesday it was eliminating student loans for undergraduates and replacing them with "expanded scholarship grants," the university said in .

The initiative is part of the Ivy League school's "" leadership campaign, and will begin starting June 23 for the summer 2022 term, the release said. The announcement also means Dartmouth's class of 2022 will be the first class to enter the school and benefit from this program, the release said.

"Thanks to this extraordinary investment by our community, students can prepare for lives of impact with fewer constraints," Dartmouth President Philip J. Hanlon said in a statement.

Dartmouth's announcement comes amid the ongoing debate about student loan debt in the U.S., where to find out if President Joe Biden will wipe away all or part of their federal student loan debt. In April, after facing months of pressure from other Democrats to cancel $50,000 per borrower, some broad student loan forgiveness, though a smaller amount.

Dartmouth previously eliminated the loan requirement for undergrads from families with an annual income of $125,000 or less. That will now be extended to families making more than $125,000 or less who receive need-based aid, the release said.

The transition to a "no loan financial policy" will benefit students from middle-income families, the release said. The initiative is "the culmination of a remarkable series of achievements that have transformed Dartmouth's financial aid resources and policies over the past year, propelled by more than $120 million in scholarship gifts and pledges to the endowment since September 1," the release said.

"More than 65 families supported the campaign goal to eliminate loan requirements from Dartmouth's undergraduate financial aid awards, committing more than $80 million in gifts to the endowment," the release said.

An anonymous donor committed $25 million to complete the campaign, which was "one of the largest scholarship endowments in Dartmouth history," the release said.

"When I think of the exciting and transformational opportunities now available to these students without this financial barrier, I believe it's one of the most meaningful achievements of the campaign," Dartmouth alumna Ellie Loughlin said in a statement.

Dartmouth is not the only school to have modified its policy on student loans. switched all financial aid to no-payback grants starting this fall.

In Georgia, announced in January it would be eliminating need-based loans as part of undergraduate financial aid packages, and replacing them with institutional grants and scholarships.

announced in November 2021 that it would use its endowment to eliminate student loans within the decade for its "debt-free degree" plan.

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