April 13, 2022
Wealthy Colleges Address Student Debt Crisis With 'No-Loan' Financial Aid Programs
Williams College in western Massachusetts said Wednesday that it is investing an additional $6.8 million annually in its financial aid program to ideally eliminate the need for loans and work-study programs on campus. It's the latest wealthy, private college to expand financial aid and de-emphasize the need for student loans in an effort to graduate students with less debt.
The changes to the financial aid program, which bring Williams’ total financial aid budget to $77.5 million annually, move one step beyond other schools’ “no-loan” programs by removing all required campus and summer jobs from student aid packages. Instead of the work requirements, students will receive equivalent grant funds from the college that don’t have to be paid back. Williams’ annual sticker price is $77,300. Now, students with such financial aid packages who choose to work during college can keep their earnings rather than paying them back to the college.
The changes to the financial aid program, which bring Williams’ total financial aid budget to $77.5 million annually, move one step beyond other schools’ “no-loan” programs by removing all required campus and summer jobs from student aid packages. Instead of the work requirements, students will receive equivalent grant funds from the college that don’t have to be paid back. Williams’ annual sticker price is $77,300. Now, students with such financial aid packages who choose to work during college can keep their earnings rather than paying them back to the college.