Northwestern University made a big announcement regarding boosting its student financial aid. Significantly! In addition to eliminating loans for incoming undergraduate students, the school will provide scholarships to undocumented students who graduated from American high schools. Finally, Northwestern will have a cap on how much debt its students can have upon graduation.
Northwestern has boosted undergraduate financial aid for undergraduate students by over 50 percent the past five years and the number of students who qualified for federal Pell grants, was about 15% of last year’s entering class. The university has a stated goal of raising that figure to 20 percent by 2020.
We believe more universities will similarly boost their financial aid packages. Whether it’s to keep up with the increased competition for top applicants, or a response to the letter Congress drafted last month inquiring about their endowment management and spending, we believe applicants and their families will ultimately benefit from the increased financial aid.
The most current numbers reveal that 46% of Northwestern’s 2015 graduates left with an average debt of $19,864. We’re certainly excited to see how these statistics will compare to those of future classes!
Best of luck with your applications!
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