Two more colleges have readjusted their financial aid policies in the wake of Harvard’s decision to woo the middle classes by offering richer aid packages (which I wrote about here). The changes were reported in Inside Higher Ed:
Two more colleges have joined the growing number pledging to eliminate loans for low-income students. Claremont McKenna College announced Monday that it would eliminate loans from the aid packages of all current and new students, effective this coming fall. Lafayette College on Monday announced that it would eliminate loans in the packages of students from families with incomes of up to $50,000 and limit to $2,500 a year the loans in aid packages of families with incomes of between $50,000 and $100,000. Lafayette also announced plans to increase the size of its faculty by 35 positions (or about 20 percent) over five years, without increasing the size of the student body.
Families concerned about paying for college should take note of these changes at many of the nation’s most selective and well-endowed colleges. They are becoming more affordable.
However, also keep in mind that these financial aid changes will also lead to higher application numbers and increasing selectivity at these colleges. Harvard’s applications were up 19% this year over last, and you can expect that all the colleges with revamped aid policies will experience similar increases next year.