Colgate is embracing a no-loan initiative for students with a total family income up to $125K.
Since Colgate is need-aware, this is a hit to the financial aid budget, meaning that less aid is available to other students. Colgate’s low average graduation loan burden (around $15,000) is manageable after graduation. I’m not convinced this is a good move.
Vonlost why assume that? According to President Casey, as part of their 200 anniversary campaign they raised additional funds to finance the new no loan initiative.
The additional funds could instead allow more students to attend with support.
Oh I hope the school will increase the grants. This school year we are okay with my daughter as a freshman and my eldest son who is currently a sophomore at our local cc. Next school year will be tough if my son gets into RIT. Two college kids at two private schools will be a challenge for our finances.