Claremont McKenna College Introduces No Loan Policy
Additional Grant Funds Eliminate Student Loans from Financial Aid Packages for all Current and Future Students
Claremont McKenna College today announced it will eliminate student loans from financial aid packages for all current and entering students effective fall 2008.
The student loans will be replaced by grant aid, bolstering CMC's already competitive financial aid program, which provides need-based aid to more than half its students. This move makes CMC one of only three colleges with an endowment under $600 million to implement such a comprehensive no-loan program for incoming and existing students. All current CMC students who receive financial aid are eligible, and all students who would traditionally rely on loans will immediately benefit from the no-loan policy.
"The no-loan policy takes our long-standing need-blind admission process a step further and reinforces our belief that all qualified students should be able to attend CMC regardless of financial circumstances," said President Pamela Gann. "By alleviating the burden of student loans, we will attract a larger and more diverse student population and enable our graduates to pursue their dreams based on their passion, rather than the need to repay student loans."
Under the new program, approved March 14 by the College's Board of Trustees, Claremont McKenna will increase its financial aid grant budget by $1 million to a total of $14.3 million. This will allow the College to replace student loans with additional grant support. For example, under current conditions, a typical student aid package might include a $25,000 grant, plus $3,500 in a student loan, plus $1,700 from a campus job, for a total of $30,200; under the new no-loan policy, the campus job contribution would hold steady at $1,700, but the loan would be fully replaced with grant money, now totaling $28,500.
Gann added: "We believe this to be an important policy for us and are proud to be among the first group of highly selective institutions to implement a no-loan policy as a permanent part of the admission and financial aid process. I am very pleased that we are able offer this policy despite CMC's youth relative to our nationally ranked peer colleges and universities and the size of our endowment."
"The College has always been a leader in attracting and enrolling the most qualified and diverse student body possible and providing them with generous financial assistance," said Richard Vos, Vice President, Dean of Admission and Financial Aid. "Through programs such as the Interdisciplinary Science Scholarship Program and partnerships such as QuestBridge, CMC is dedicated to expanding opportunity in higher education to highly motivated, academically talented, low-income and underserved youth. Our new no-loan policy further demonstrates the College's commitment and sends an important message to families of high-performing students who must factor affordability into their college decision."
About Claremont McKenna College
With enrollment of 1,150, Claremont McKenna College is a highly selective independent liberal arts college educating leaders in business, the professions, and public affairs. A member of The Claremont Colleges, CMC is consistently ranked among the nation's top liberal arts colleges. Visit www.claremontmckenna.edu for more information about CMC.