Another highly selective college has joined the ranks of those schools that are reducing the loan obligations for undergraduate students. Cornell University has replaced need based loans with grants for families earning less than $75,000 per year. This new policy will be phased in over the next 2 years with loans eliminated next school year for undergraduate students with less than $60,000 in family income. Also during that time, loans for student’s with family income between $60,000 and $120,000 will have loans capped at $3,000. In the 2009-2010 school year the full policy of loan elimination will occur for all undergraduate students with family income below $75,000 and will cap loans at $3,000 for students with family income between $75,000 and $120,000.
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