Colleges Offering Generous No Loans Financial Aid Policies

on February 21, 2017

About six dozen colleges have generous “no loans” financial aid policies, including the entire Ivy League. These colleges replace loans with grants in the financial aid package. These financial aid packages tend to be among the most generous.


Although students can borrow for their share of college costs, students at “no loans” colleges are much less likely to borrow and tend to graduate with much less debt than at other colleges.


The no loans policy applies to all students at some colleges and to low-income students at others. Low-income students can be defined in terms of an income cutoff or in terms of eligibility for the Federal Pell Grant. The income cutoffs are typically $40,000 to $60,000, but may be as high as $100,000. Some of the colleges that provide no loans to all students have additional generous features available to families with income up to $200,000.


List of Colleges with No Loans for Everyone

  1. Amherst College
  2. Bowdoin College
  3. Colby College
  4. Columbia University
  5. Davidson College (North Carolina)
  6. Harvard University
  7. Haverford College
  8. Pomona College
  9. Princeton University
  10. Stanford University
  11. Swarthmore College
  12. University of Pennsylvania
  13. Vanderbilt University
  14. Washington and Lee
  15. Yale University

List of Colleges with No Loans Just for Low-Income Students

  1. Appalachian State University
  2. Arizona State University
  3. Boston University
  4. Brown University
  5. Bryan College (Tennessee)
  6. California Institute of Technology (Caltech)
  7. Carleton College
  8. Claremont McKenna College (ended for new students in fall 2014)
  9. College of Holy Cross (Worcester, MA)
  10. College of William and Mary
  11. Colorado State University-Pueblo
  12. Connecticut College
  13. Cornell University
  14. Dartmouth College
  15. Duke University
  16. Emory University
  17. Fairfield University
  18. Georgia Institute of Technology
  19. Grinnell College
  20. Indiana University Bloomington
  21. Kenyon College
  22. Lafayette College
  23. Lamar University
  24. Lehigh University
  25. Massachusetts Institute of Technology
  26. Miami University (Ohio)
  27. Michigan State University
  28. North Carolina State University
  29. Northern Illinois University
  30. Northwestern University
  31. Oberlin College
  32. Rice University
  33. Sacred Heart University
  34. Texas A&M University
  35. Texas State University - San Marcos
  36. Tufts University
  37. University of Arizona
  38. University of California at Berkeley
  39. University of California System
  40. University of Chicago
  41. University of Florida
  42. University of Illinois at Urbana-Champaign
  43. University of Louisville
  44. University of Maryland, College Park
  45. University of Michigan at Ann Arbor
  46. University of Minnesota System
  47. University of North Carolina at Chapel Hill
  48. University of Tennessee
  49. University of Texas at El Paso
  50. University of Texas Dallas
  51. University of Toledo
  52. University of Vermont
  53. University of Virginia
  54. University of Washington
  55. Vassar College
  56. Washington University in St. Louis
  57. Wellesley College
  58. Wesleyan University
  59. Williams College

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