Current News
Connecticut College adopts new aid policy to reduce student loan burden
November 13, 2007
Contact: Deborah MacDonnell (860) 439-2504; deborah.macdonnell@conncoll.edu
NEW LONDON, Conn. - Connecticut College today announced it will 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.
Today´s 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 40 percent of Connecticut College students receive some form of financial aid. This year the college has awarded $17.8 million in institutional grants.
"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.
About Connecticut College
Among the most selective private liberal arts colleges in the nation, Connecticut College enrolls 1,900 men and women from 41 states, the District of Columbia and 42 countries. The college is known for putting the liberal arts into action through interdisciplinary studies, international programs, funded internships, student-faculty research and service learning. Founded in 1911, the college operates under an 86-year-old honor code. The college is located at 270 Mohegan Ave, New London, about two hours by car from Boston and New York. The 750-acre campus is an arboretum overlooking Long Island Sound. For more information, visit www.connecticutcollege.edu.
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For more information contact: Amy Sullivan (860) 439-2526; amy.sullivan@conncoll.edu