Tufts University to Replace Some Loans With Grants

Tufts University in Medford, MA, announced today that they would begin replacing loans with grants for all undergraduates whose family income is below $40,000. Members of the Class of 2011 will be the first to benefit from the new program.

University of Pennsylvania to Replace Loans with Grants

On December 17, the University of Pennsylvania announced that they would be replacing all student loans in financial aid packages with grants. There are about 4000 undergraduates and about 50% of them currently have student loans included in their aid packages.

Beginning in September, 2008, students with a family income below $100,000 will receive grants in place of loans. Those with family incomes above $100,000 will receive a 10% reduction in their loan amount.

By the fall of 2009, all students will be receiving loan-free financial aid packages.

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

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For a long time, low-income public service or government jobs have gone unfilled because students graduating college have so much debt that they are unable to take these low paying jobs, pay back their student loans and still have enough to live on.

Tufts University in Medford, Mass, is implementing a program that will help their graduates if they want to take these jobs. A grant from Ebay founder Pierre Omidyar and his wife Pam will be used to fund the program which will provide $500,000 in loan aid each year to significantly indebted university graduates who choose to work in low-income public service or government jobs.

While not every university gets an grant from the Omidyar's, there are many with major endowment funds that could find a way to spread the wealth a bit to assist graduates who want to help out with public service.

Read more about the program at Tufts Loan Payback Program


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