ATLANTA — Emory University is nixing need-based loans for undergraduate students in favor of institutional grants and scholarships in a move that should help more graduates exit academia debt-free.
“This expansion of the Emory Advantage program will give more students the opportunity to graduate debt-free, reflecting the university’s commitment to making an Emory education accessible to talented students regardless of their financial resources,” officials with the Atlanta-based university said in a prepared statement issued Monday.
The overhaul of Emory’s financial aid formula is expected to take effect in the fall of 2022, meaning every undergraduate student who is eligible for need-based aid will be automatically shifted into the expanded Emory Advantage program, WSB-TV reported.
According to the university, the Emory Advantage program debuted in 2007, targeting students from low- and middle-income families.
Expanding the program means that the current number of undergraduate students whose need-based loans are replaced by grants will double to roughly 3,300 students, WSB-TV reported.
“For Emory to fulfill our mission of serving humanity in all that we do, we are continuing to invest in making an Emory education affordable to talented students of all financial backgrounds,” Emory President Gregory L. Fenves stated.
“By eliminating need-based loans for undergraduates, our students have the opportunity to earn their Emory degrees with less debt as they embark on their extraordinary journeys after graduation,” he added.
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