WUSTL to expand financial aid for low-income families
Washington University in St. Louis has announced that it will eliminate need-based loans as part of its undergraduate financial aid awards to students from low- and middle-income families.
Beginning in fall 2008, both entering freshmen and returning full-time undergraduate day-school students with parental incomes of less than $60,000 will not be expected to take out need-based loans and will instead receive grants from the university that will not have to be repaid. Families with parental income somewhat higher than $60,000 also may receive additional student loan relief based on demonstrated need and their financial circumstances.
The additional grant aid will be funded by the increase in spending from scholarship and unrestricted endowments in the university's four schools with undergraduate programs, as well as from unrestricted university resources.