Best College Values, 2015: No-Loan Policies Pay Off
At most no-loan schools, financial aid packages include earnings from a work-study program.

In 2001, Princeton University announced that students who were accepted would receive 100% of their financial aid in the form of scholarships and grants. Loans were off the table. Since then, about six dozen schools have adopted “no loan” financial aid programs, including the top 10 on our combined list of public and private colleges and universities. Some schools, such as Haverford College, limit their no-loan programs to families who earn less than $60,000 a year. Others, such as Princeton and Yale University, extend the program to all students who receive financial aid.
The programs don’t eliminate loans altogether. At most no-loan schools, financial aid packages include earnings from a work-study program. If students decide not to work, they may need to borrow to make up the difference. Some students also borrow to cover costs that aren’t covered by their financial aid packages. In addition, the financial aid package is based on the school’s estimate of what the family can afford to pay. That means some families must borrow to make up the difference.
At Penn, the no-loan policy has enabled the school to enroll students who would have otherwise ruled out an Ivy League education, says University of Pennsylvania provost Vincent Price. “If this school is beyond your means, we will sort it out,” says Price.

Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.

Block joined Kiplinger in June 2012 from USA Today, where she was a reporter and personal finance columnist for more than 15 years. Prior to that, she worked for the Akron Beacon-Journal and Dow Jones Newswires. In 1993, she was a Knight-Bagehot fellow in economics and business journalism at the Columbia University Graduate School of Journalism. She has a BA in communications from Bethany College in Bethany, W.Va.
-
Aging: The Overlooked Risk Factor
Sponsored Elder care is a personal and financial vulnerability many people fail to plan for.
-
AI vs the Stock Market: How Did Alphabet, Nike and Industrial Stocks Perform in June?
AI is a new tool to help investors analyze data, but can it beat the stock market? Here's how a chatbot's stock picks fared in June.
-
Roth IRA Contribution Limits for 2025
Roth IRAs Roth IRA contribution limits have gone up. Here's what you need to know.
-
Four Tips for Renting Out Your Home on Airbnb
real estate Here's what you should know before listing your home on Airbnb.
-
Five Ways to a Cheap Last-Minute Vacation
Travel It is possible to pull off a cheap last-minute vacation. Here are some tips to make it happen.
-
How Much Life Insurance Do You Need?
insurance When assessing how much life insurance you need, take a systematic approach instead of relying on rules of thumb.
-
When Is Amazon Prime Day? Everything We Know So Far, Plus Early Deals
Amazon Prime Here are the key Amazon Prime Day dates and details you need to know, plus some of our favorite early deals to shop ahead of the sale.
-
How to Shop for Life Insurance in 3 Easy Steps
insurance Shopping for life insurance? You may be able to estimate how much you need online, but that's just the start of your search.
-
Five Ways to Shop for a Low Mortgage Rate
Becoming a Homeowner Mortgage rates are high this year, but you can still find an affordable loan with these tips.
-
Retirees, It's Not Too Late to Buy Life Insurance
life insurance Improvements in underwriting have made it easier to qualify for life insurance, which can be a useful estate-planning tool.