University to increase financial aid for low income students
Updated: 3:50 p.m.
Low-income students will no longer be expected to take out student loans as part of their financial aid package, the University announced today.
Full-time undergraduates from families earning less than $60,000 will instead receive grants from the University that will not have to be repaid.
The additional financial aid expenditures will be funded by increased spending of scholarship and unrestricted endowments, as well as other unrestricted resources.
The new model, set to be implemented this fall, may also increase the financial aid packages of families with incomes slightly higher than $60,000 through additional student loans.
“A Washington University education is, without a doubt, one of the most expensive investments one will ever make,” wrote Chancellor Mark Wrighton in a letter to parents, “but it is also one that we trust and know by experience will pay great dividends for its recipients.”
The University’s announcement is reminiscent of the decision made by Harvard University last year to distribute grants so that no family making less than $180,000 a year would pay more than 10 percent of its yearly income for the cost of college.
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