NORTHAMPTON, Mass. (WWLP) – Smith College will eliminate loans from it financial aid packages, replacing them with grants from the college.
Smith College told 22News that the grants will take over 100 percent of the costs of federal loans. This is being funded through gifts to the college and recent endowment gains. In addition to providing financial aid, Smith will also award one time start up grants of $1,000 to qualifying students. The president of Smith College says this will be life-changing for students, families, and future alums, who will graduate debt free.
Kathleen McCarthy, the President of Smith College said, “This really will enable us to attract, enroll and retain the very best students. More students will be interested in applying to Smith knowing they’ll without any debt.”
The college says more than 60 percent of students will benefit from the changes. Smith joins Harvard, Princeton and Yale as well as Amherst and Bowdoin, to eliminate loans.