Brown University students whose parents earn less than $60,000 will not have to pay the $47,740 it costs to attend the university each year, the university decided in an attempt to lighten the load of college debt on students. In addition, students whose parents earn less than $100,000 a year will have grants substituted for their student loans in their financial aid packages.
The new financial aid program will begin in the fall of 2008 and will also sharply reduce loan expectations for all financial aid recipients, regardless of family income. The new financial aid guidelines will apply to all current students who receive financial aid, as well as to the incoming freshman class.
“We recognize and understand the concerns of America’s families about the rising cost of higher education,” Brown’s president, Dr. Ruth J. Simmons says. “With our new aid package and a smaller increase in tuition, we hope to address their concerns in a fiscally responsible manner while continuing to attract the best students with diverse backgrounds to Brown.”
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