Carleton College will become the first Minnesota school to do away with student loans. The liberal arts school announced the decision this week.
Starting next school year, Carleton will cover student financial needs through a combination of grants and scholarships.
The decision will cost Carleton College just about $5 million in financial aid. The school, which has just over 2,000 students, says covering the cost is possible thanks to an $80 million collective donation from alumni that came in over the course of just ten months.
For Carleton President Dr. Alison Byerly, it’s been a top priority.
“Everybody recognizes that affordability is on the minds of all students, but particularly today,…