Davidson College Takes Monumental Steps to Eliminate Debt for College Students

Davidson College, located in Raleigh, North Carolina, just made a monumental step in an effort to help their college students avoid graduating in debt. The Board of Trustees for the University just approved a new school policy that will eliminate loans from all future financial aid packages. This means that loans will no longer be a part of the financial options given by the University to incoming students, and will completely change how financial aid is given out at this institution. Scheduled to begin in August of 2007, all students who have demonstrated a financial need for assistance will receive enough funding to entirely support their college education.

In the place of loans which many college students have found as their only option over the years, Davidson College will be using grants and work-study (student employment) programs to help their students finish their education without going into debt. These grants will be need-based, and those who don't qualify for enough to pay their entire tuition will be able to enter employment programs to help earn the rest during their schooling. Davidson is really putting themselves out there as the first institution of this size to attempt a program like this, and it is probably in no small part due to their successful endeavors at raising money for the University. According to their main web-site, "The college's last two comprehensive campaigns raised more than $130 million in student financial assistance." That is a big chunk of money, that was created through gifts from alumni, parents, and friends of the college, which will create educational funding for many students in the upcoming years.