| The cost of higher education continues to grow and at | | | | half the students required to borrow loans which they |
| a pace well above the inflation rate. The pressure that | | | | must repay. Thanks to a $3.5 billion fund-raising |
| these costs is putting on many middle class families | | | | campaign, Penn will be able to expand their assistance, |
| has forced students to explore every option to fund | | | | thereby eliminating the need for students to come up |
| their education including taking out government and | | | | with other financing alternatives. |
| private student loans. Even with scholarships, grants | | | | Penn isn't the only Ivy League university eliminating |
| and other assistance options included, it isn't uncommon | | | | student loans as Princeton and Yale have already |
| for some students to come up short by thousands of | | | | announced similar initiatives as have other private |
| dollars each school year. | | | | schools including Williams and Amherst. Each school |
| At Select Colleges, Student Loans Are No Longer | | | | have very large endowments and it is from these |
| Needed | | | | funds that eligible students will receive their financial |
| A new trend in college financing may soon relieve | | | | assistance. |
| thousands of families of their heavy burden by | | | | Will the trend spread to other colleges? Only if their |
| replacing student loans with scholarships. According to | | | | endowments can cover these expenses. Otherwise, |
| a report published in the Philadelphia Inquirer, the | | | | we could see the day where a public university |
| University of Pennsylvania plans on offering financial | | | | education costs more than obtaining a degree from |
| aid to all eligible students beginning in 2009. Currently, | | | | Harvard or Duke. |
| the cost to attend Penn is about $46,000 annually with | | | | |