University Of Pennsylvania To End Student Loans By 2009

The University of Pennsylvania along with Harvard and other elite private colleges announced their loan-free financial aid packages aimed at middle- and upper-middle-class students earlier today.

All financially eligible undergraduates will receive grants instead of loans beginning in fall 2009.
Penn President Amy Gutmann said:

“Our aim is to send a signal out to every family who would not otherwise believe they could afford our tuition and fees that we’re affordable to students from every economic background “.

Harvard University and Swarthmore College announced similar policies this month. Yale University is expected to reveal an enhancement of its financial aid in January 2008.

Category: US News