Syracuse.com: “Colgate University is launching a new ‘no student loan’ approach to tuition for qualifying families on its Hamilton campus … Starting this fall, the college is eliminating loans from its financial aid offers to all current and incoming students with a family income of up to $125,000, officials said. Colgate will offer grants to students who qualify to replace the loans, officials aid. Students and families who want to take out loans to cover the cost of books or other expenses can still do so if they choose … About two dozen other colleges offer similar programs, although they all have different family income limits. Some, such as Stanford and Yale, don’t have family income limits.”
“Colgate officials estimate half of the students receiving financial aid at Colgate will benefit. About 46 percent of Colgate students receive financial aid from the college. Funding for this new effort will initially come from the university’s operating budget, but plans are in place for this program to be funded by the college’s endowment and Colgate Fund through fundraising.”
“The average annual federal loan for students receiving financial aid at Colgate is about $2,200, and the average Colgate aid package for current students is about $53,000 a year.
The average debt for Colgate students who graduated in the Class of 2019 was $15,305. The national average is about $30,000.”