The surprising reason Brown University to stop offering student loans

A successful fundraising campaign means that the university can afford to replace loans with scholarships.

Brown University has announced that it will no longer give loans to students who qualify for their financial aid awards.…

According to Zack Friedman, writing for Forbes magazine online, it was a fundraising campaign launched by Brown last September that has made the initiative possible. 2087 donors have committed $30 million to ‘The Brown Promise,’ and says the university, it intends to raise $90 million more. ‘The Brown Promise’ itself is only part of a wider $3 billion campaign called ‘BrownTogether,’ which includes the goal of raising $500 million for undergraduate financial aid.