Williams College Joins the No Loan Parade

Williams College, the nation’s highest-ranked liberal arts college, announced late last week that it would eliminate student loans from the financial aid packages it offers students. Now all financial aid offered by the college will be in the form of scholarship grants. Some financial aid packages at Williams had included loans of $13,800 over four years.

Williams estimates the cost of the new plan will add $1.8 million to its financial aid budget. The college is following the lead of Princeton University, Davidson College, and Amherst College, which previously eliminated all student loans from their financial aid awards.