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Brown University raising $120 million to eliminate all 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.

Brown To Eliminate Loans To Help Students Graduate With Less Debt

Brown University announced Thursday that it will no longer provide loans, only grants, in an effort to help students graduate with less debt.

Starting in the fall of 2018, all students who receive financial aid from the Ivy League university will receive scholarships, which they don’t have to pay back.

One company will now handle close to half of all student-loan payments

Every month, approximately 40 million Americans make payments to a corporation they know almost nothing about.

There are just four major companies contracted by the federal government to process the nation’s student loan checks and after the just-completed merger of two of these firms — Nelnet Inc. NNI, -0.72% and Great Lakes Educational Loan Services Inc. — one company will handle more than 40% of all payments.

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"There is scarcely anything that drags a person down like debt."
– P. T. Barnum
“This would be a much better world if more married couples were as deeply in love as they are in debt.”
– Earl Wilson
"Bankruptcy laws allow companies to smoothly reorganize, but not college graduates burdened by student loans."
– Robert Reich
"If we don't change direction soon, we'll end up where we're going."
– Irwin "Professor" Corey
“What I would like to do... once I take care of all my kids' student loans, is buy a red 1965 Mustang and fully restore it.”
– Mike Quigley
The road to success is always under construction
– Lily Tomlin
"Nothing in life is to be feared. It is only to be understood."
– Marie Curie