Members of the ԱƵ classes of 2022–25 will now benefit from an additional expansion of the University’s no-loan initiative under the ԱƵ Commitment. The program will now eliminate federal loans from financial aid packages for all current ԱƵ students with family incomes up to $150,000.
Original plans in the launch of the ԱƵ Commitment called for such loans to be replaced by University grants beginning with the Class of 2026. This new expansion of the ԱƵ Commitment to include all current ԱƵ students is possible due to record-setting giving from ԱƵ alumni.
“The profound generosity of the ԱƵ community and careful fiscal management allow us to include current students in our expansion of the ԱƵ Commitment today,” says President Brian W. Casey. “I truly want to thank the alumni and parent donors who have made this expansion of our program to reduce or eliminate student debt possible.”
The original ԱƵ no-loan initiative took effect in fall 2020, replacing federal loans with ԱƵ grants in financial aid packages of students with family incomes below $125,000.
On June 1, the University announced that it would increase that income threshold to $150,000 with the launch of the ԱƵ Commitment: An Initiative in Access and Affordability, beginning with the Class of 2026. With the adjustment announced today, ԱƵ will increase affordability for dozens of current ԱƵ students who would otherwise not have qualified.
“We are determined to include as many students as possible along the way,” Casey says, “as we dedicate additional resources for this initiative, which is of such profound importance to the University and its students.”
The ԱƵ Commitment is one of the key initiatives in ԱƵ’s Third-Century Plan, which provides a roadmap for the University’s future. “With these efforts, we send a clear message,” Casey says. “If you are a student of promise and achievement, we want you at ԱƵ. We will not allow the cost of tuition to stand in the way of creating a vibrant, distinctive, diverse academic community.”
