Emory University announced that it would increase its financial aid for students from low-income households and eliminate its need-based loan program.
The effort to help more students graduate debt-free will begin next school year, the university said in a news release Monday. He said he plans to award an additional $8 million in grants and scholarships through the Emory Advantage program, bringing his total need-based aid program to $151 million a year.
“To ensure Emory fulfills our mission to serve humanity in all that we do, we continue to invest in making an Emory education affordable for talented students from all financial backgrounds,” said Gregory L. Fenves, president of the university, in the press release. “By eliminating need-based loans for undergraduates, our students have the opportunity to graduate Emory with less debt as they embark on their extraordinary journeys after graduation.”
Emory is Georgia’s largest private university with more than 13,000 full-time students at campuses in Atlanta and Newton County. The university estimates that this increased aid will double the number of students whose need-based loans are replaced by grants, bringing the total to about 3,300 students.
The estimated average income of families who will be eligible for the loan replacement program in fall 2022 is $107,000, The Atlanta Journal-Constitution reported.
For students to be considered for expanded aid, they must submit a College Scholarship Service Profile and a free Federal Student Aid Application. These will be used to determine if the student is in need of need-based assistance, given a family’s ability to contribute tuition, the university said.
According to Emory’s website, tuition plus housing and other expenses for undergraduate students are approximately $75,000 per year. The AJC reported that more than a quarter of Emory undergraduates take federal or private loans, and the median total federal debt among borrowers who graduated from undergraduate degrees is $16,500.
The Washington Post reported that more than 70 schools nationwide have some sort of loan-free plan.