The year 2020 has brought unprecedented challenges to students looking to secure financial aid for their college education. With the uncertainties caused by the COVID-19 pandemic, many families are facing increased financial pressure and are struggling to afford higher education. In response to these challenges, some colleges are taking proactive steps to make education more accessible to a wider range of students.
Vanderbilt University, for example, has announced a significant expansion of its Opportunity Vanderbilt program. The university is now offering full-tuition scholarships to students from families with an annual income of $150,000 or less. This expansion aims to provide greater support to students who may be deterred by the high cost of attending college, especially during this difficult time.
In a similar vein, Dartmouth College has made changes to its financial aid policies to accommodate more students. The college has nearly doubled its income threshold for “zero parent contribution” from $65,000 to $125,000. This adjustment is a vital step towards addressing the concerns of middle-income families who are struggling to afford college tuition amid the economic challenges posed by the pandemic.
According to Lee Coffin, Dartmouth’s vice president and dean of admissions and financial aid, college affordability is a critical issue for many families. By increasing the threshold for parent contributions, Dartmouth is demonstrating a commitment to supporting a broader range of students through their educational journey.
Some colleges have already taken significant steps towards making education more affordable for students. Around two dozen schools, including those listed in The Princeton Review’s “The Best 389 Colleges,” have adopted “no-loan” policies. This means that they are removing student loans entirely from their financial aid packages and are instead providing grants to meet 100% of their undergraduates’ financial needs.
While the elimination of student loans is a positive development, students may still face expenses such as expected family contributions, books, and fees. Additionally, families should be aware that even with a no-loan policy, they may still need to consider borrowing money to cover their financial obligations.
As students navigate the college application process, it is crucial to consider financial safety schools that may offer more merit-based aid. By casting a wide net of possibilities, students can explore academic and financial safety schools that could make higher education more affordable. The U.S. Department of Education’s college scorecard and net price calculator can be valuable tools in determining the affordability of different schools.
The changing landscape of college financial aid during the COVID-19 pandemic underscores the importance of accessibility and affordability in higher education. By implementing new strategies and expanding support for students from diverse economic backgrounds, colleges are working to ensure that education remains within reach for all aspiring students.
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