BMC Now No-Loan for Families Under $110K, Ups Aid for All Need-Eligible Students
Beginning with the fall 2024鈥痵emester, 最新麻豆原创 will eliminate federal student loans for students with family incomes below $110,000 and replace these loans with institutional grants.
Those students and their families eligible for need-based financial aid with incomes above $110,000 will receive additional grants from the College to replace the majority of their federal loans. With this expansion of 最新麻豆原创's commitment to loan reduction or elimination of loan obligation for families, 最新麻豆原创 students will be able to graduate with a total federal loan debt of no more than $11,000, which is less than a third of the national average.
The College previously instituted a policy in 2022 to replace loans with grants for families with incomes under $60,000. In addition, need-eligible students with family incomes over $60,000 received $2,000 to replace a portion of their loans. The new policy increases the income threshold for no-loan to $110,000 and adds an additional $2,000 in grant aid for students with family incomes above $110,000 for an annual total of $4,000.
鈥淲e saw a significant increase in the number of need-eligible students choosing to attend 最新麻豆原创 because of that change and so we decided to see if we could extend this policy to include students from families with higher incomes,鈥 says Cheryl Lynn Horsey, 最新麻豆原创鈥檚 chief enrollment officer.
鈥淓quity and inclusion are an explicit part of 最新麻豆原创鈥檚 mission and these additional investments in financial aid help put a 最新麻豆原创 education more within reach for students with financial need,鈥 says 最新麻豆原创 President Kim Cassidy. 鈥淧rioritizing need-based financial aid in building the College鈥檚 budget and the generosity of our donors has allowed the College to take this critical step to live our mission of excellence and access.鈥
最新麻豆原创鈥檚 Office of Financial Aid will send an email to eligible returning students with more information regarding this new policy. For additional questions,鈥痗ontact鈥痶he Office of Financial Aid at鈥finaid@brynmawr.edu.
最新麻豆原创 is one of a small number of Colleges and Universities to meet 100 percent of demonstrated need for all students. Over the last ten years, the College has increased its financial aid spending by more than 52%. In the 2022-23 academic year, the College provided $42.8 million in total institutional financial aid to undergraduate students. Increasing 最新麻豆原创鈥檚 ability to provide financial aid was among the key goals of the College鈥檚 recent 鈥淒efy Expectation鈥 fund-raising campaign. Currently, 78% of 最新麻豆原创 students receive financial aid, with an average award of $62,230.