Did you know that more than 70 colleges across the country have replaced loans with grants? That’s right: Schools are offering more free money to entice students to enter their hallowed halls, meaning they will not be saddled with the often-dreaded student loan payments after graduation. What institutions come out on top? Here are a few of the best aid policies, courtesy of the Washington Post’s Daniel de Vise:
Princeton University: The Tigers lead the pack time wise, first cutting loans in 1998 and nixing them completely in 2001.
Harvard University: After eliminating loans in 2008, Harvard implemented a “zero to 10” standard, which pledges families earning up to $180,000 will pay 10 percent of their income at most toward college-related fees.
Amherst College: The school replaced loans with grants and work-study for all students in Fall 2008 and the number of students eligible for Pell grants has nearly doubled to 23 percent as a result.
Claremont McKenna and Pomona: Loans were also phased out here in 2008 but not just to help poor students. Roger Huddle, a rising Pomona senior with a household income approaching $100,000, received enough aid to cover roughly two-thirds of the full cost of attendance.
Yale University: The New Haven-based Ivy meets full demonstrated need without loans, capping the contribution at 10 percent of income for families earning up to $130,000. [...]