More Colleges Replace Loans With Scholarships

What started as a trickle seems to be growing into a growing stream. On December 11, the California Institute of Technology (CalTech)announced that they would be eliminating loans to their neediest students and replacing them with scholarships or grants. Beginning in fall, 2008, most domestic undergrads with family incomes below $60,000 would be receiving loan-free financial aid packages.

On December 12, Pomona College in Claremont, CA, announce that they would also eliminate loans in their financial aid packages and replace them with scholarships. These changes would be effective for the 2008-09 school year and include both current ans future students.

Additionally, Swarthmore College also will be replacing loans in their financial aid packages with scholarships beginning with the 2008-09 school year. Current and future students will be included. Swarthmore was an early advocate of lower loans. Since 1981 it has limited loans to it's neediest students to $1,000 per year.

Maine Babies Are $500 Closer to a College Education

Thanks to Harold Alfond, every new Maine baby will be receiving $500 to be used toward their college education. The money will be added to each child's NextGen College Investing Plan, which is administered by the Finance Authority of Maine as long as the baby's parent or guardian opens the NextGen account.

During the next year, there will be a pilot run at MaineGeneral hospitals in Augusta and Waterville. It is expected that by 2009, the program will be running throughout the state.

Here are the latest updates on College Scholarships, Loans and Grants.

No Loan Colleges
Illinois Grants and Loans


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