Brown University completes fundraising to replace student loans with scholarships

Brown University will officially replace loans with scholarship funds in future financial packages after completing an initial fundraising campaign, the school announced Thursday.

The university completed an initial fundraising goal of $30 million less than three months after announcing the financial campaign in September.

“The response so far to The Brown Promise has been nothing short of phenomenal,” Brown president Christina Paxson said in a press release.

“This initiative takes financial aid at the University to the next level, helping us do more for moderate-income students and families. It amplifies our commitment to bringing the best and brightest students to Brown regardless of their socioeconomic background.”{mosads}

The university said it received donations from 2,087 donors ranging from $1 to donations in the millions.

Scholarships will begin replacing loans in Brown students’ financial aid packages beginning in the 2018-19 academic year. Both incoming freshman and returning undergraduate students will benefit from the new policy.

In a statement announcing the fundraising campaign in September, Paxson said the university was “committed to making a Brown education accessible to students from all income groups.”

“When students and their families are sitting at their dining room tables making decisions about where to apply to college, or whether to accept an offer of admission, we want them to know that Brown is an affordable choice,” she said at the time.

Brown will continue its fundraising push to try and raise an additional $90 million in order to hit its $120 million goal to sustain the program.

Brown’s total cost of attendance for the 2017-18 academic year was $67,439, including $53,419 in tuition and fees and $14,020 for room and board, according to the university’s website.