Bowdoin College announced that it has joined the ranks of colleges that have eliminated loans from their financial aid packages. These loans are being replaced by outright grants (or need-based scholarships) to its current and incoming students. It is the first college with an endowment of under $1 billion.
Others that have made similar announcements are Harvard, Yale, Princeton, Williams, Pomona, Amherst, and Swarthmore. Both Haverford and Davidson have announced similar plans.
This should be good news for middle income families who would like to see their kids attend prestigious eastern universities. I predict many more universities will follow suit in the coming weeks and months.