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As some student loan repayments have returned following a nearly four-year pause, some institutions are taking action to ensure students do not end up in large amounts of debt by implementing “no-loan” policies, which will allow students to receive full financial support from the outset of their college education.
About two dozen schools have introduced policies that will meet 100% of undergraduate students’ financial needs through grants and other financial aid rather than student loans. These universities are even eliminating student loans from their financial aid packages altogether.
In an article from CNBC, Nicole Hurd, the president of Lafayette College in Easton, Pennsylvania, stressed the importance of ensuring that college education is accessible for students, highlighting it as the best investment they can make in themselves. Particularly at Lafayette, families with household incomes of up to $200,000 will have their financial needs met through grants and work study.
Of course, despite these universities having a no-loan policy, the education is not free. Students and families may still have to take out personal loans to cover their expected contribution or other costs like books and additional fees. The universities that offer these policies are also highly competitive, with some acceptance rates as low as 4%.
While these are now limited instances, changes appear to be happening at a rapid pace, but without widespread forgiveness legislation offering relief, many are currently struggling with obligations while others are on the brink of being overburdened since completing their degree.
If you have student loans and are feeling overwhelmed with how you will meet your repayments, Sader Law Firm may be able to help. If you are interested in exploring how filing for bankruptcy may ease your financial distress from student debt, contact a member of our team at Sader Law Firm today at (816) 561-1818 for a free phone consultation and information on what will work best for you.
