The Wall Street Journal Online reports a welcome trend. Colleges are moving to eliminate student debt. Williams College and Amherst College are removing loans from financial aid packages replacing them with grants. Davidson College is similarly replacing loans with grants and student employment. Princeton was the first major university to replace loans with grants. Other schools are placing a debt limit on their financial aid packages.

Motivation for these new policies is not entirely altruistic. Congressmen from both parties are questioning the uses of college endowments while students are graduating with onerous debt.

This is, indeed, good news for students and our society and economy as a whole. Heavy debt requires grads to choose careers based on income that they may not otherwise choose. Grads who have low debt are free to choose the employment that better fits their talent, passion, and personal ambitions.

Comments RSS TrackBack Identifier URI

Name (required)

Mail (will not be published) (required)

Website