Another university aims to eliminate all student loansCNBC.com. In doing so, Brown will become the 16th United States institution, and the sixth in the Ivy League (excluding Cornell and Dartmouth), to offer all of its undergraduates a loan-free education.
In 2016, the average Brown student graduated with a debt of US$23,810, compared with US$8,908 for Princeton, which adopted the no-loans policy in 2001. The plan aims to replace financial aid packages with grants that do not have to be repaid. All undergraduates – domestic and international – will be included, university President Christina Paxson said.
Brown's move is the latest in an effort to make higher education more affordable. In April, New York state made tuition free for community colleges and public four-year schools for state residents with annual incomes up to US$100,000. In June, the University of Michigan announced it will offer up to four years of free tuition for in-state students with a family income of up to US$65,000.
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