Cornell, Northwestern Eliminate Loans
Filed in archive Financial Aid by Greg Cruey on February 11, 2008
Northwestern announced their decision on January 31 in a press release. The university's new policy is designed to give financial aid counselors some latitude in making decision. Loans will get replaced with grants for the school's neediest students. But unlike most other universities that have gone down this route, Northwestern is not setting a dollar amount as the income cutoff to define need. They will look at students on a case by case basis and consider "unusual expenses" (like high family medical bills) in determining need.
The College Admissions Counseling Blog has a good look at Cornell's new policy.

Cornell and Northwestern join a long list of schools that have eliminated student loans from their financial aid packages for the neediest students. Among those other schools: Dartmouth, Harvard, Duke, Amherst, Davidson, Penn, to name just a few...
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