From Morty:

I am very pleased to announce that, in consultation with the Board of Trustees, the College has decided to eliminate loans from all financial aid packages and replace them with grants.

This applies to all future aid awards, including those of current
students. First-years, sophomores, and juniors will see the change
reflected in their award letters for 2008-09.

See the whole letter via the link below.

To the Williams Community,

I am very pleased to announce that, in consultation with the Board of
Trustees, the College has decided to eliminate loans from all
financial aid packages and replace them with grants.

This applies to all future aid awards, including those of current
students. First-years, sophomores, and juniors will see the change
reflected in their award letters for 2008-09.

This move is the latest in a series of steps the College has taken in
recent years to ensure that a Williams education is affordable, and
it is based on our growing sense that loans, even small ones, affect
a range of student decisions, from which colleges they consider
attending to which post-college careers they pursue.

Previous steps had reduced the amount of loans we expected financial
aid students to take. For students from families with the lowest
incomes that expectation has in recent years been zero. But other
financial aid students had been expected, depending on income, to
borrow cumulatively over their four years $3,800, $7,800, or 13,800.
No more.

This move also comes at a time when the College has succeeded in
increasing the socio-economic diversity of entering classes. In
fact, the Class of 2011 is the first in history to have more than
half its members qualify for Williams-based aid. Even more have won
scholarships outside the College.

We consider the estimated cost of this change, around $1.8 million,
to be a sound investment of College resources in the growing
diversity of our student body and in the future of our financial aid
students, who now will be free to make post-graduation plans without
the inhibition of college debt.

Best regards,
M. Schapiro
President

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