One of the most selective universities in the country is doing away with student loans.
The University of Chicago announced on Wednesday that incoming first-year students receiving need-based aid will receive grants that do not have to be paid back, rather than be required to take out student loans.
“Students can graduate without debt influencing their plans for the future,” reads a section of the school’s new plan, called No Barriers.
“We want to ensure that students of high ability can aspire to join this community without financial worry, and with comprehensive support for their success both in the college and beyond graduation,” wrote university president Robert Zimmer in a statement.
The grants will be funded by a fundraising campaign that was launched last year, which hopes to raise $4.5 billion by 2019.
This country just made college free for all
Speaking of efforts to make college more affordable, last week Lower Saxony became the last state in Germany to abolish tuition fees, making undergraduate education virtually free throughout the country.
“We got rid of tuition fees because we do not want higher education [that] depends on the wealth of the parents,” Gabrielle Heinen-Kjajic, the minister for science and culture in Lower Saxony, said in a statement.
Wishing that you could relocate and take advantage of these benefits? Turns out that you can. International students also qualify for free tuition.