Pomona College to Eliminate Loans

Got this in the email yesterday from my alma mater.

Dear Pomona College Alumna/us:

We wanted you to be among the first to know that Pomona College is taking a significant new step to assure affordability and access. Today, the Pomona College Board of Trustees voted to eliminate all loans from its financial aid packages beginning next fall and to replace them with scholarships. This change will affect all current and future students who qualify for financial aid.

Pomona is among the first liberal arts colleges in the nation to take this major step, which is designed not only to make a Pomona education more affordable for students from lower- and middle-income homes, but also to ensure that all of our future graduates will be able to follow their aspirations—including the option of service careers—without having to take into account the need to begin repaying college loans.

This is the latest in a number of initiatives that the College has undertaken in recent years to ensure that a Pomona education is truly accessible to gifted students from all walks of life. To provide you with further details, I am attaching a copy of the news release that is being distributed to the media today.

Sincerely,

David Oxtoby
President

Sadly, I’m seven years too late, but this is still fantastic news considering the staggering amount of debt college grads are facing. I’m lucky in that my post-college debt is below the average, but there’s still so much I could do with that money like… oh… have some savings.

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