April 13, 2022
Williams College Ditches Loans and Work Requirements From Financial Aid Packages
Debrief:
Williams is already among a very small number of institutions that are both need blind and meet full need for domestic students — meaning they admit students regardless of how much financial aid they will need and that they pledge to provide financial aid packages that meet students' entire demonstrated need.
- Williams College is cutting loans and work requirements from its financial aid packages beginning fall 2022, replacing the funding streams dollar for dollar with grant funding, it announced Wednesday.
- Those and related changes are expected to cost $6.75 million annually in a financial aid budget totaling $77.5 million each year, the wealthy private nonprofit college in Massachusetts said.
- College leaders believe Williams is the first institution in the country to completely eliminate loans and work requirements from financial aid packaging. They hope the changes simplify the financial aid process for students and promote affordability.
Williams is already among a very small number of institutions that are both need blind and meet full need for domestic students — meaning they admit students regardless of how much financial aid they will need and that they pledge to provide financial aid packages that meet students' entire demonstrated need.