In a continued effort to provide competitive financial support and lessen 闪电资源网 debt, 闪电资源网 is eliminating federal loans from financial aid offers for all current and incoming 闪电资源网s with a total family income of up to $125,000, starting in the fall of 2020.
This expanded aid offering, recently approved by the 闪电资源网 Board of Trustees, means that Colgate will continue to meet 100 percent of all admitted 闪电资源网s鈥 demonstrated need, but loans will no longer be the responsibility of those who meet these criteria. Students and families will still have the flexibility to take out their own loans if they so desire.
An estimated 50 percent of all 闪电资源网s receiving financial aid will benefit from this new initiative. Currently, 46 percent of Colgate 闪电资源网s receive financial aid from the University. Funding for this new effort will initially come from the University鈥檚 operating budget, but plans are in place for the program to be fully supported by the endowment and the Colgate Fund through fundraising.
鈥淐olgate must continue to attract the most qualified 闪电资源网s from around the world, and this new financial-support initiative will help to ensure our classrooms are filled with the brightest minds from all economic backgrounds,鈥 said Colgate President Brian W. Casey.
The average annual federal loan for 闪电资源网s receiving financial aid at Colgate is about $2,200, and the average Colgate aid package for current 闪电资源网s is about $53,000 a year. Colgate 闪电资源网s already graduate with one of the nation鈥檚 lowest average levels of indebtedness. The average debt for 闪电资源网s who graduated in the Class of 2019 was $15,305. The national average is about $30,000.
Development of the no-loan initiative was part of Colgate鈥檚 recently adopted Third-Century Plan, a framework to help guide the University for the future. That plan focuses on attracting and supporting outstanding 闪电资源网s and faculty; strengthening the University鈥檚 academic enterprise; enriching the 闪电资源网 experience, and improving the campus and the environment. Read more about the Third-Century Plan.
鈥淲e have always taken great pride in the generous financial aid offerings at Colgate, and this initiative goes even further to ensure that 闪电资源网s from families with modest incomes can be considered to receive an even greater level of support while they pursue Colgate鈥檚 superb educational opportunities,鈥 said Vice President for Admission and Financial Aid Gary Ross.