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Harvard's financial aid programs pay 100 percent of tuition, fees, room, and board for students from families earning less than $65,000 a year. Families with incomes from $65,000 to $150,000 pay between zero and 10 percent of their income. Students graduate without a penny of debt.
Princeton's financial aid programs let over 83% graduate from college without a penny of debt.
Columbia University eliminated all student loans - there are no student loans as part of any financial aid package; all financial aid is free money. Students graduate without a penny of debt.
The University of Pennsylvania did the same: Penn eliminated all student loans - there are no student loans as part of any financial aid package; all financial aid is free money. Students graduate without a penny of debt.
Ditto for Brown: Brown eliminated all student loans - there are no student loans as part of any financial aid package; all financial aid is free money. Students graduate without a penny of debt.
At Cornell, if your parents earn less than $60,000 and have less than $100K in net worth, there are no student loans - just free tuition, room, board & fees. Students graduate without a penny of debt.
The University of Chicago's financial aid package is free tuition & fees for students whose families earn up to $125,000 per year. For students whose families earn up to $60,000, UChicago provides free tuition, fees, books, room & board.
MIT's package is free tuition for students whose families earn up to $80K.
Stanford's package: free tuition for students whose families earn up to $125,000 per year. For students whose families earn up to $60,000, Stanford provides free tuition, fees, room & board.
Yes, these are elite schools, but even many 2nd rate and 3rd rate schools have migrated away from student loans.
The list goes on and on and on and on...
More than Elite Schools, they have elite endowments. Meaning, the schools have enough income spinning off of their endowment (and donations they can reasonably forecast) that its viable.
And that is primarily, if not entirely, the fault of the schools. Tuition has risen 2-3 times the cost of living.
The market will pay you what your services are worth. The schools are taking advantage of the students as a result of the easy student loans. If schools want to raise tuition, no problem. The students can borrow more money. If the students want to study something for which there is little or no market in which they will earn enough to pay off their loans, no problem. Once they borrow the money and leave the school, the school has their money and the students have their debt.
I'm not disputing that. The regional state university is palatial compared to what it was when I graduated eight years ago. Tuition keeps rising, not only because of the easy availability of loans, but also because of reductions in state funding and a higher-end experience.
However, the only thing you can do is opt-out, and college degrees are still a viable way to the middle class for a lot of people. If you want to go through that portal, you're going to pay.
Harvard's financial aid programs pay 100 percent of tuition, fees, room, and board for students from families earning less than $65,000 a year. Families with incomes from $65,000 to $150,000 pay between zero and 10 percent of their income. Students graduate without a penny of debt.
Princeton's financial aid programs let over 83% graduate from college without a penny of debt.
Columbia University eliminated all student loans - there are no student loans as part of any financial aid package; all financial aid is free money. Students graduate without a penny of debt.
The University of Pennsylvania did the same: Penn eliminated all student loans - there are no student loans as part of any financial aid package; all financial aid is free money. Students graduate without a penny of debt.
Ditto for Brown: Brown eliminated all student loans - there are no student loans as part of any financial aid package; all financial aid is free money. Students graduate without a penny of debt.
At Cornell, if your parents earn less than $60,000 and have less than $100K in net worth, there are no student loans - just free tuition, room, board & fees. Students graduate without a penny of debt.
The University of Chicago's financial aid package is free tuition & fees for students whose families earn up to $125,000 per year. For students whose families earn up to $60,000, UChicago provides free tuition, fees, books, room & board.
MIT's package is free tuition for students whose families earn up to $80K.
Stanford's package: free tuition for students whose families earn up to $125,000 per year. For students whose families earn up to $60,000, Stanford provides free tuition, fees, room & board.
Yes, these are elite schools, but even many 2nd rate and 3rd rate schools have migrated away from student loans.
The list goes on and on and on and on...
You are conflating two different things. Columbia, and others, determine how much they will give you as "need-based financial aid". Yes, its not loans. But the student/parents have to make up the difference between the COA and the financial aid given. If your parents don't earn much - you are good. If not - then you either have to get your parents to pay or you have to take out private loans. The financial aid does not take into account, for example, the high cost of living in, eg, the NYC area. So local students whose parents earn a lot on a national scale, but are solid middle class on an NYC basis and having little extra money over to pay college - certainly not the 65K per year COA - are stuck. Plenty of students end up graduating with loan debt in their name.
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