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What are ‘no loan’ colleges?

posted on: September 30, 2022

As the cost of education keeps on rising, the financial burden on students and families is also increasing. Unavailability of financial resources leads to students taking loans. After graduating from college, students have excessive pressure to take on a job as early as possible because they have to pay back the loan that they took for their education. To overcome this debt trap a lot of colleges have come up with a ‘no loan’ policy. Under this policy instead of taking loans from banks and financial institutions for your education, the college itself sponsors your studies through scholarships and endowments. This way you don't have to pay back anything to anyone after your education is done. It also gives you the liberty to go on and pursue higher education without an obligation of starting to earn. Each college and university has its own eligibility criteria for choosing students for the same. But one thing that is important to consider students from only lower-income families will be preferred for the  ‘no loan’ policy. The United States of America has made many such decisions to improve the condition of students. The Biden Administration recently announced a plan to forgive up to $20,000 in federal student loan debt, which is likely to affect many of the nearly 43 million Americans who borrowed to attend college.

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