As the Biden administration mulls student loan forgiveness, Dartmouth College will eliminate student loans from financial aid programs for undergraduates, providing more scholarships instead.
According NPRthe policy goes into effect on Thursday, so students entering the 2022 summer semester will be the first beneficiaries.
Dartmouth College President Philip Hanlon said the generosity of donors will allow students to “prepare for lives of impact with fewer constraints”.
He continued, “Eliminating loans from financial aid programs will allow Dartmouth undergraduates to pursue their purpose and passion in the widest possible range of career opportunities.”
Dartmouth, an Ivy League school in Hanover, New Hampshire, has had a policy that does not require loans for students with household incomes below $125,000. It will now extend this to students with household incomes over $125,000 and will receive need-based financial aid, according to the RNP report. The school estimates the move will eliminate up to $5,500 in student debt per student per year.
Meanwhile, repayment and interest on federal student loans have been suspended since the pandemic began in March 2020 under an executive order from President Joe Biden. An announcement on the next steps of the administration is expected any day.
Biden has campaigned on the issue of student loan forgiveness, pledging to forgive at least $10,000 in student debt per person.
Utah’s state-supported colleges and universities are continuing efforts to keep tuition affordable and find other ways to expand access to post-secondary education, officials said in a previous interview with Utah. Desert News.
Earlier this year, the Council on Higher Education of Utah authorized the sale of the portfolio of the Federal Family Education Loan Program administered by the Utah Higher Education Assistance Authority.
Below SB172Passed by the Utah Legislature, proceeds from the sale will fund an estimated nearly $300 million endowment that, in years to come, will help fund scholarships to lower the cost of a college education and fund other Higher Education Council priorities: University Access, Completion, and Workforce Connections.
One of these initiatives is the Utah College Board of Trusteeswhich helps high school students make a successful transition to college under the guidance of “peer-friendly” college access counselors who work in their high schools.
Senate Majority Leader Evan Vickers, R-Cedar City, sponsor of SB172said in an interview on Thursday that higher education “is an economic driver and a path to success, so we have to keep trying to provide those opportunities.”
Utah’s higher education system continues to offer more need-based scholarships while continuing to offer merit-based scholarships, to help address issues of access and affordability, he said. he declares.
Vickers, who is a pharmacist, was the first college graduate in his family. “It’s literally been a generational shift because now my five kids have degrees and two of them have PhDs and now their kids, they’re watching schools. It can be a generational change,” he said.