Some great news has come to my attention and I needed to alert all college students as soon as I possibly could. The news is that top private schools have devised a program that will allow them to eliminate, yes ELIMINATE!, student loans for college students with families with a combined income of less than $100,000 per year. With this program they will also decrease the need for student loans for the ladder college students by 10%. These top private schools plan to replace student loans by offering grants in their place. So what does all this mean?
It means that the students and parents no longer have to worry about the price of tuition when they are searching for colleges. Average families can now have the opportunity to receive the highest level of education that used to seem like it was only offered to the wealthy. The new program initiated by top private schools offers students the chance to break free from the chains that financial giants used to hold college students back and allows college students to now focus solely on their education. Most financial institutions were "striking gold" so to speak as they were enjoying yachts, high rise suites, and beach front mansions paid for by poor college students who needed student loans to pay for college. They may now be forced to give a piece of the pie back as they will loose earnings from the high interest rates they once charged college students.
This program will be in full affect in September 2009 by top private schools such as U Penn, MIT, and Harvard to name a few. What does this mean for other universities and state schools that aren't private schools? Well, most universities strive for excellence and do what it takes to get their name as close to the top private schools as possible. This means that it may only be a matter of time before they adapt their own version of the Student Loan Elimination Program.
Thanks to top private school like U Penn, MIT, and Harvard, which have initiated the move forward, tens of thousands of students will now be able to afford better education through college. This will also lift the burden off hundreds of thousands of college students who's education and college life will continue through the year 2009. As most college students know, one of the biggest stresses in college comes from our financial situation, and particularly our growing debt due to student loans. This new plan will alleviate much of this stress for the majority of college students, allowing us to perform at a whole new level. Imagine the possibilities of the future that could come into play because of this simple act of eliminating student loans.
Make sure you pass this big news onto your friends, family, brothers and sisters and anyone else who could benefit from it! News like this can't go to waste!
For more information on the story check out the following sources:
The UPenn Financial Aid Fact Sheet
The Star Tribune in Minneapolis
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Labels: Student loans to be eliminated by top private schools in an effort to help college student afford tuition.