Williams College, a private liberal arts school with about 2,000 undergraduate students in Massachusetts, announced on April 13 that it would eliminate loans and work-study from all of its financial aid programs and replace them with grants.

The scholarship program will begin for the fall 2022 semester, as the school said in the press release that it “has taken an important step toward what it calls a goal of ‘true affordability’ for students. students receiving financial aid”.

Williams College said it was the first in the nation to eliminate loans altogether. Williams President Maud S. Mandel released a separate statement and detailed how many students the scholarship program will help and how much it will cost the school.

“The scholarship program will benefit 1,100 current students, or approximately 53% of our undergraduates, at a cost of $6.75 million per year. This decision will increase our financial aid budget to $77.5 million. of dollars a year, one of the most generous per capita in the country, thanks to the support of alumni,” Mandel said.

Williams College has a 15% acceptance rate and costs about $66,540 before aid and about $19,480 after aid, according to the US Department of Education.

The Washington Post also noted that Williams College has an endowment of nearly $4.2 billion, which is well above the national average of $1.1 billion.

Mandel went on to talk about the school’s financial aid program and how it has helped students in the press release.

“Williams’ leadership in liberal arts excellence and affordability drew me here and inspires me every day,” Mandel said. “The school’s dual commitment to academic excellence and affordability is a model for ensuring access to an exceptional education.

“That’s why our financial aid programs go far beyond the cost of attendance, to examine the true cost of attendance: all of our financial aid scholarships include free textbooks and course materials, insurance illness, summer storage, funding for travel courses and internships, and more.At a school blessed with intellectually curious students, a superb curriculum, and generous alumni, the all- grant combines these historic strengths in a way that allows our students to get the most out of their education.

Mandel also said in his statement that students will still be able to work on campus to support themselves or their families.

“The new program won’t prevent you from working on campus if you want to,” Mandel said. “The difference is that you’ll be free to choose employment options that match your goals, and you’ll be able to keep your income for savings, family support, or other needs.”

Ashley Bianchi, director of student financial services at Williams, told the Washington Post that she understands most colleges and universities won’t be able to offer a scholarship program. However, she hopes Williams’ decision will spur other colleges to see how they can help students with financial aid.

“It’s really hard to find almost $7 million in anyone’s budget, no matter what school you’re looking at,” Bianchi said. “But what we’re hoping will happen is that other colleges recognize what’s going on here and think about how they spend their money and decide if it’s right for them.”

Williams also said in their press release that they have adjusted their financial aid process in 2021 to reduce the cost of school for middle- and low-income families.

“As a result, one in six Williams families saw their parental contribution reduced by $4,500 last year,” Williams College said.

The Dean of Admissions and Student Financial Services, Liz Creighton, said in the press release that she believes the scholarship program will allow students to focus on learning and not have to worry. the cost of school.

“More recently, we have expanded our financial aid programs to address hidden and sometimes less hidden costs that prevent students from taking full advantage of all available opportunities,” Creighton said. “The full scholarship initiative is another major step on our path to true affordability. It’s all part of ensuring that the exceptional students we admit can focus on what they’ll learn, not what they’ll learn. themselves and their families win.”