<p>"An Open Letter From President Stephen G. Emerson</p>
<p>Friends,</p>
<p>Continuing our historic commitment to making a Haverford College education as accessible as possible, the Board of Managers has approved a sweeping overhaul of Haverford's financial aid program to eliminate student loans for all incoming freshmen and to reduce the loan burden for continuing students..."</p>
<p>I can't believe you beat me to it! I was JUST about to make this thread.</p>
<p>Another good day for students across america!</p>
<p>Its time for Bowdoin and Claremont Mckenna to step it up!</p>
<p>Oh, and I dont understand why they are doing a "loan reduction" for continuing students, that sucks because only first-year students get the best out of the new policy.</p>
<p>“So.. I'm not gonna get a full loan reduction, but still very glad that Haverford is doing this.”</p>
<p>Well said and bravo. This speaks to the values that I associate with HC. </p>
<p>As a side note, the cost to educate a student at HC is much more than the maximum $45,000 asking price… I’ve seen estimates that HC spends about $60,000 each year for each student. Add the resources made available at BMC as well, and the price to deliver the breadth and depth of education available in the bi-co becomes much greater if delivered at another school without the bi-co synergy.</p>
<p>warning: Not all “no loan” programs are the same and it’s sort of gimmicky. Some schools eliminate institutional loans but still expect students to maximize their Stafford loans and others may just shift costs by giving “work grants” instead. I have to know the details of HC’s program but it mentions a significant increase in the overall financial aid budget so that makes me less worried that HC is just jumping on the Princeton bandwagon by being “no loans” in name only. Whatever form, it seems that future kids will get better financial aid.</p>
<p>BTW, some no-loan schools such as Bryn Mawr and Smith have embarrassed all other elite LACs with the generosity of their financial aid since the beginning and will likely be as/more generous than some “no loan” schools.</p>
<p>Well, most liberal arts schools advertise that the cost of education is more than the asking Price (see Williams web site). I think that is just an excuse to spend less budget on student financial aid.</p>
<p>You're right. I wouldn't be surprised that all the top LACs spend more $ than the asking tuition... that's why they're the top and that's why kids clamor to get accepted because the education you get is very good. </p>
<p>It's not an excuse but a fact.
It's a privilege and not an entitlement.</p>