Colby Among Colleges Increasing Aid



Photo Illustration: Loans in the Headlines With the decision to replace loans with grants for students in need, Colby became one of a small but growing group of institutions addressing the cost of higher education through new aid policies. “It’s now being referred to nationally as the no-loan club,” said Steve Thomas, director of admissions.

“It is principally about access and affordability,” President William Adams said of Colby’s new policy, which takes effect in fall 2008. “As comprehensive fees rise, we can do and we should do more. We don’t want any student not to come to Colby because of concerns about paying off student loans.”

Colby’s move has garnered considerable national attention, Thomas said, but the effect on admissions is impossible to predict.

Thomas said the timing of a similar initiative for Maine residents, announced last fall before application deadlines, resulted in an additional 200 applications from Maine—a 49-percent increase over last year. The no-loan policy will have an effect on Colby’s general applicant pool, he said. “Is it going to be five percent, ten percent, twenty percent? I have no idea.”

As this issue went to press, Vassar and Columbia had just joined the “no-loan club.” More colleges will have to follow suit, Thomas predicted, as they compete for the top students in the nation and abroad.

Read President Adams’s commentary on the new aid policy.

blog comments powered by Disqus