Williams Eliminates Student Loans, Offers GrantsStaff reports
04:00PM / Thursday, November 01, 2007
WILLIAMSTOWN - Beginning in the 2008-2009 school year, Williams College will eliminate student loans from financial aid packages, replacing them with institution-based grants.
On Thursday, President Morton O. Shapiro released a statement to the college community informing them of the new policy.
"This move is the latest in a series of steps the college has taken in recent years to ensure that a Williams education is affordable, and it is based on our growing sense that loans, even small ones, affect a range of student decisions, from which colleges they consider attending to which post-college careers they pursue," Shapiro said in the correspondence.
The estimated cost to the college following the shift is $1.8 million. According to college spokesman James Kolesar, the change was made possible because of Williams' sound financial judgment.
"We've been good stewards of our financial resources, which are considerable. With good investment and good spending over time, as well as generous alumni, we're able to offer this to our students," Kolesar said.
The private college, ranked one of the top liberal arts schools in the nation, has an endowment of nearly $2 billion. Tuition and room and board at the four-year school runs about $45,000.
The news comes following other Williams initiatives to reduce the amount of loans utilized by financial aid students. According to Shapiro's statement, in the past, students were borrowing $3,800, $7,800, or $13,800 over their four years. Students from low-income families were not expected to borrow anything.
The change to grants eliminates all debt for all students.
"We consider the estimated cost of this change to be a sound investment of college resources in the growing diversity of our student body and in the future of our financial aid students, who now will be free to make postgraduation plans without the inhibition of college debt," said Shapiro.
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