More Colleges Elminate Loans

The University of Pennsylvania and Haverford College have just announced that they too will replace loans with gift aid for students who demonstrate financial need.  Like those that have gone before, both institutions are highly selective and blessed with substantial endowments.

Is it cynical to suggest that most colleges which are replacing loans with gift aid were in a financial position to do so years ago and are now being influenced as much by the desire to keep pace with the schools against which they compete for students as they are by the desire to assist students and their families?

Motives aside, we’re seeing a good trend, and one that should escalate as more and more of the elite schools jump on board the train.

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