Brown University to replace loans with scholarships
Brown University says it will replace all student loans with scholarships in its financial aid packages starting next year.
The Ivy League school announced Thursday that by raising $30 million it can now eliminate institutional loans for all returning and incoming undergraduate students.
Brown President Christina Paxson says it amplifies the university's commitment to attract the "best and brightest students" regardless of background.
The move is aimed at families with moderate incomes who don't qualify for larger financial-aid packages given to low-income students.
It follows other steps to make Brown more accessible, including a 2003 admissions rule that forbids the school from considering an applicant's ability to pay tuition.
Brown started raising money to end loans in September and says it needs $90 million more to sustain the program.