Wellesley College has announced a new aid policy that eliminates loans for students with family incomes below $60,000. In addition, Wellesley will reduce loans for students with family incomes between $60,000 and $100,000 to no more than $8,600 for all four years. For families earning more than $100,000, loans will be capped at $12,825.
Wellesley has had a reputation for strong financial aid for some years and this new policy reinforces that reputation. Personally, I like the approach that Wellesley has taken in recognizing that for students above a certain family income level, having some amount of student loan at graduation is not necessarily a bad thing. It provides a certain level of buy in when the student knows that they will have to pay back part of their education without causing the severe stress that excessive loans can cause new graduates.
Friday, February 8, 2008
Wellesley College joins other colleges with new financial aid policies
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