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Connecticut College adopts new aid policy to reduce student loan burden
On November 17, 2007, Connecticut College announced it would increase grant aid to students from low- and middle-income families in order to reduce or eliminate their student loans.
"We understand and respect the sacrifices families make to help their children gain a Connecticut College education," said Martha C. Merrill ´84, dean of admission and financial aid. "We are taking this step to improve access for low- and middle-income students and ensure they don´t graduate with more debt than they can manage."
In 2006, Connecticut College began eliminating loans and replacing them with grants for students with family incomes of $50,000 or less and expected family contributions of $5,000 or less. Grants, which are provided by the college, do not have to be repaid.
This announcement expands the loan reduction program to students from families with incomes between $50,000 and $75,000 and family contributions between $5,000 and $15,000. The funding will provide institutional grants to offset loans and reduce them by 50 percent for newly enrolled freshmen beginning in fall 2008.
The expanded program is designed specifically to help families with incomes between $50,000 and $75,000 who are feeling the pressure of rising college costs, said Merrill.
The College´s loan-reduction program is expected to reduce certain students´ loan burdens by 50 percent and others by 100 percent by the time they graduate, and by year 2012 should impact more than 280 undergraduate students each year.
Currently, more than 48 percent of Connecticut College students receive some form of financial aid. The College awarded more than $32 million in financial aid in 2012-2013.
"Connecticut College offers exceptional learning opportunities in a residential liberal arts setting. We seek out smart, interesting students who are prepared and motivated to take full advantage of these opportunities. The loan reduction program increases our ability to enroll these students regardless of their financial means," Merrill said.
Contact Information for Applicants and Students:
Financial Aid Services
270 Mohegan Avenue
New London, CT 06320-4196