This afternoon, Washington University announced today that it will eliminate student loans for its students who come from families that make less than $60,000.
The new financial aid program will begin this fall. Entering freshmen and returning full-time undergraduate students will be eligible. Instead of taking out need-based loans, they will receive grants from the university that will not have to be repaid.
The school said it will fund the additional grant aid by increasing its spending from scholarship and unrestricted endowments as well as from unrestricted university reserves. The school has a $5.7 billion endowment.
“Washington University has a long tradition of working individually with the families of our students to customize a financial aid award that ensures cost does not stand in the way of making a Washington University education a reality,” said Chancellor Mark Wrighton in a statement.
Tuition at Washington U. was recently increased to $36,200 this fall. The full sticker price including tuition, fees, room and board, will be around $49,000.