Dartmouth eliminating student loan requirements for undergraduate financial aid
▶ Watch Video: Federal student loan interest rates increase makes borrowing college money more expensive;
Dartmouth is removing all federal and institutional loan requirements from its undergraduate financial aid awards, replacing them with expanded scholarship grants instead, the school’s president announced Monday. The school said in a statement that the new policy will provide financial relief to middle-class families.
“Thanks to this extraordinary investment by our community, students can prepare for lives of impact with fewer constraints,” Dartmouth President Philip Hanlon said.
To help finance the expanded scholarships, over $80 million was donated to the school’s endowment by upwards of 65 families, the school said.
Dartmouth had previously eliminated the loan requirement for undergraduates from families with an annual income of $125,000 or less. Now, the offer will also be extended to families making more than $125,000 who receive need-based aid.
“These new policies enhance that deep and enduring commitment to full and equal access to a Dartmouth education,” Vice Provost Lee Coffin said. “Expanding scholarship grants by removing loans from all aid packages further levels the playing field as we invite students from all socioeconomic backgrounds to join the Dartmouth community.”
The change will go into effect this week when the 2022 summer term begins.