No More 'No Loans' Across the Board for Dartmouth

Colleges and Universities A-Z Dartmouth College
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<p>Dartmouth Drops 'No Loans'
February 9, 2010
The "no loans" era of elite private higher education might be short-lived.</p>

<p>Dartmouth College announced Monday that it is restoring loans to the aid packages of students from families whose incomes exceed $75,000 -- ending a no-loans policy that was announced with much fanfare two years ago. Dartmouth will continue to exclude loans from the aid packages of those with smaller family incomes and will continue to be "need blind" in admissions, meaning that financial need will not be taken into consideration in admissions decisions.</p>

<p>The announcement by Dartmouth was part of a package of spending cuts designed to deal with a $100 million "structural deficit" the college faces. Students currently on financial aid or those admitted this year (who would have applied believing they were exempt from loans in aid packages) will be grandfathered into the no-loans approach.</p>

<p>Dartmouth's announcement comes a week after Williams College moved away from its no-loans policy, although Williams will also continue to offer its lowest-income students packages that do not include loans.</p>

<p>No-loans packages in elite higher education took off in 2007 and 2008 as leading colleges revised financial aid systems. The shifts were very popular with parents and families, and were widely praised by some in Congress who had criticized the institutions for not spending enough of their then-bulging endowments. But some aid experts questioned the policies, saying that they gave large subsidies not only to low-income students but also to many who are (in national demographics, even if they don't feel that way when paying an Ivy tuition) actually well off.</p>

<p>News:</a> Dartmouth Drops 'No Loans' - Inside Higher Ed</p>

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<p>So when are they going to drop FA for internationals, I wonder.</p>

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<p>Wow, this really sucks =[</p>

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<p>Just as a note the loans reinstated as part of the FA award beginning with the class of 2015 will be between $2500 and $5500/academic year. As such, even if you’re on the absolute top end of the loan program, and if you choose not to take out any additional loans to the FA award, you will only graduate with $22,000 in debt. When you consider the cost of full attendance for four years is almost ten times that amount, it really isn’t much at all (and still low for many students). </p>

<p>And Consolation, President Kim has issued multiple statements that Dartmouth will maintain not only full-need financial aid, but also need-blind for both domestic and international students. He even has gone far enough to state that he could not be part of an institution that would deny students the chance to attend based on ability to pay.</p>

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<p>So to clarify, it only takes effect for 15s? Those of us who would be entering this fall wouldn’t be affected? (I know the answer’s probably in the article, but for some reason my computer won’t load it…)</p>

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<p>Oh good catch! Yeah, the article says:</p>

<p>“Students currently on financial aid or those admitted this year (who would have applied believing they were exempt from loans in aid packages) will be grandfathered into the no-loans approach.”</p>

<p>Does that mean accepted 2014’s will get no loans for all four years? Or just for this first year?</p>

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<p>The 2014’s will be grandfathered in under the no-loan policy and will not have loans be a part of their package all 4 years. (at least under this change).</p>