On Wednesday, Brown University announced that it would eliminate the burden of college debt by substituting loans with grants that students will not have to repay.
Through fundraising, Brown is taking the financial burden off of its students who qualify for undergraduate financial aid packages. The college began saving for the move in 2015 and have raised over $3 billion. However, before the cost-free option is available to students the university must raise more than $30 million.
“We’re committed to making a Brown education accessible to students from all income groups, so we can continue to accept the very best and brightest students from around the world,” Brown President Christina Paxson said in a press release.
The Ivy league school calls the cost-free program the “Brown Promise.” The school expects that it will reach its funding goal by December, and start offering the incentive for incoming students starting with the 2018-19 incoming class.
“When students and their families are sitting at their dining room tables making decisions about where to apply to college, or whether to accept an offer of admission, we want them to know that Brown is an affordable choice,” Paxson said.
Unlike other free college proposals, Brown University will not limit the program to incoming students. All returning undergraduates, including international students, who are receiving financial aid packages will be eligible for the program. The university currently has more than 6,500 undergraduate students.
According to the school’s release on the program, the “Brown Promise” program will increase the school’s financial aid budget by $4.5 million a year.