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Brown University is doing away with student loans

Amid America’s colossal student debt problem, an Ivy League school is providing an example of how institutions can help.

Beginning next school year, Brown University will eliminate all student loans in its undergraduate financial aid packages, replacing them with scholarships. Following a $30 million fundraising effort launched in September, Brown administrators announced this week that 2,087 donors contributed toward the goal, and that the school—located in Providence, Rhode Island—plans to raise $90 million more to sustain the scholarship giving.

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