Colleges with NO LOANS - Reduced Tuition - Financial Friendly
Imagine a world with no student loans.
Here’s what you need to know.
Student Loans
With all the talk about student loan cancellation and free college, some colleges and universities are taking proactive steps to reduce the cost of higher education. If Washington cancels student loans or makes public colleges and universities tuition-free, then borrowers will enjoy an extra benefit. The latest student loan debt statistics show that 45 million borrowers collectively owe $1.7 trillion of student loan debt. With college costs and student loans reaching an all-time high, many colleges have instituted “no student loans” financial aid policies. “No student loans” financial aid packages generally seek to replace student loans with grants or scholarships that do not have to be repaid. “No student loans” doesn’t mean that a college eliminates student loans from financial aid packages. For example, some universities require a minimum student contribution or part-time employment while others require a parental contribution. That minimum student or parental contribution can be met through student loans or parent loans.
If you need to borrow student loans, make sure you understand the total cost of your student loan debt. This student loan payment calculator can help you calculate the monthly and total cost of your student loans.
50 Colleges With No Student Loans, Free Tuition Or Reduced Tuition
Here are 50 colleges that offer “no student loans,” free tuition or reduced tuition financial aid packages for undergraduates. Is this list comprehensive? No, there are many more colleges that offer similar financial aid policies. For more information, you can visit the financial aid website of each college. (P.S., there are two additional colleges for a total of 52):
Students at Alice Lloyd attend tuition-free
Founded “as a college for Appalachia,” students are required to work at least 160 hours per semester in an on-campus job or in the local community.
MORE FOR YOU
This year, Amherst is providing more than $50 million in scholarship aid to 55% of the student body.
In its financial aid packages, Amherst replaced all loans with scholarship grants.
Arizona State (Photo by Robert Johnson/Icon Sportswire/Corbis/Icon Sportswire via Getty Images) CORBIS/ICON SPORTSWIRE VIA GETTY IMAGES
More than 50% of the Class of 2021 received a Bowdoin Grant.
The Bowdoin Grant is need-based, funded by the college, and doesn’t need to be repaid.
For all Brown-packaged financial aid awards, starting in the 2018-2019 academic year, Brown replaced student loans with scholarship funds (that do not have to be repaid) for all returning and incoming undergraduates.
Students attend tuition-free at the College of the Ozarks.
Each student must work 15 hours per week.
Columbia University (Photo by: Photographer name/Education Images/Universal Images Group via Getty ... [+] GHI/EDUCATION IMAGES/UNIVERSAL IMAGES GROUP VIA GETTY IMAGES
For students with family income of less than $60,000 annually and typical assets, parents are not expected to contribute to the cost of attendance.
50% of Columbia students receive grants from Columbia.
Students with a family income less than $60,000 and total assets of less than $100,000 (including primary home equity) will have no parent contribution.
Students from families with total income of $100,000 or less and possessing typical assets receive free tuition.
Duke University (Photo by Grant Halverson/Getty Images) GETTY IMAGES
Students with a family income of $60,000 or less and typical assets will have no expected parent contribution.
Harvard University (Photo by Maddie Meyer/Getty Images) GETTY IMAGES
Most students graduate debt-free, and Harvard does not expect its students to take out loans as part of financial aid packages.
Students with a family income from $65,000 to $150,000 will typically contribute from 0-10% of their income.
For students with a family income less than $60,000, Haverford will not include a loan expectation as a resource before determining eligibility for Haverford Grant funds.
Johns Hopkins (Photo by JHU Sheridan Libraries/Gado/Getty Images) GETTY IMAGES
Former Mayor of New York Michael Bloomberg announced a $1.8 billion gift to Johns Hopkins, his alma mater, which will ensure that any student can attend the university regardless of their financial profile.
Each student receives a merit-based, tuition-free scholarship to attend this liberal arts college.
Students also receive a laptop computer, Cultural Passport and access to the Opportunities Fund.
Michigan State (Photo by Andy Lyons/Getty Images) GETTY IMAGES
The University awarded $195 million to undergraduate students in 2019-20, and approximately 61% of undergraduates received financial aid.
All need-based packages are student loan-free.
Students with a family income less than $65,000 qualify for a grant to cover full tuition, residential college fee, room and board
For students with a family income between $65,000 and $130,000, Rice will provide full scholarships.
For students with a family income below $65,000, Rice will cover tuition and room and board, plus any other fees
For students with a family income between $130,000 and $200,000, Rice will provide grants covering at least 50% of tuition
Stanford University (Photo by Jamie Schwaberow/NCAA Photos via Getty Images) NCAA PHOTOS VIA GETTY IMAGES
Stanford does not expect students to borrow student loans to meet college costs.
Scholarships from Stanford is the primary source of funding used to assist students with meeting their educational costs.
Through the Aggie Assurance, students whose family earn less than $60,000 receive scholarships and grants to cover tuition.
For the 2021-2022 school year, the Aggie Assurance will provide tuition grants for families who earn between $60,000 and $130,000.
Students with a family income less than $60,000 will typically receive a financial aid package that includes no student loans.
UC Berkeley (Photo by David Madison/Getty Images) GETTY IMAGES
University of Michigan (Photo by Robert Nickelsberg/Getty Images) GETTY IMAGES
Students with a family income below 200% of the federal poverty line (about $48,500 for a family of four) may be eligible for The Carolina Covenant.
University of Pennsylvania (Photo by: Jumping Rocks/Education Images/Universal Images Group via ... [+] JUMPING ROCKS/UNIVERSAL IMAGES GROUP VIA GETTY IMAGES
Penn’s Grant-Based Program provides students with a financial aid award (up to financial need) that includes grants and work-study, but not loans.
University of Virginia (Photo by Jabin Botsford/The Washington Post via Getty Images) THE WASHINGTON POST VIA GETTY IMAGES
Vanderbilt offers additional grant assistance instead of need-based student loans.
Vanderbilt's grant assistance does not involve income bands or "cut-offs" that impact or limit eligibility.
Students with a family income less than $75,000 receive grants (instead of student loans) that will not have to be repaid.
Wellesley students with the greatest financial need do not receive student loans.
Wellesley lowers loan packages by one-third for many other students.
Most students with a family income less than $60,000 will receive a financial aid package without loans.
Most students with a family income between $60,000 and $80,000 will receive a reduced loan package.
Yale University (Photo by Yana Paskova/Getty Images) GETTY IMAGES
Yale doesn’t expect students to borrow student loans.
Yale financial aid awards include a Yale Scholarship, a parent contribution and a small student contribution.