In its first year, Colgate’s no-loan initiative awarded more than $1.5 million to students. The newest of the University’s financial aid offerings lessens the burden of student debt by replacing federal subsidized and unsubsidized loans with grants for students with a family income up to $125,000.
More than half of Colgate students receiving financial aid qualified for the initiative, including Lizeth Mora Guerrero ’24. The Phoenix, Ariz., native was admitted to seven colleges, but receiving the no-loan initiative was key in her decision to attend Colgate.
“Colgate initially seemed out of reach, but the no-loan initiative helped my family and me financially and made it possible for me to be a student here,” Guerrero says.
Entering her second semester at Colgate, Guerrero plans to explore astrogeophysics as a major and looks forward to the possibility of studying abroad, knowing that her financial aid package travels with her.
When asked if receiving the no-loan initiative had changed her view of the future, Guerrero says, “It motivates me to use the education Colgate is providing me — as well as the Colgate network — to secure a good career.”
“The no-loan initiative adds another valuable layer of financial support for students,” says Tara Bubble, dean of admission. “It means a Colgate education is attainable for the best and brightest students from all socioeconomic backgrounds and that the University is committed to supporting each and every one of them.”
The average financial aid package for the Class of 2024 was $57,260.
The no-loan initiative was the first of several admission policy updates and partnerships launched recently to attract outstanding students, an endeavor at the heart of Colgate’s Third-Century Plan. Together, these efforts have contributed to more than 17,000 applications for the 2021–22 academic year, by far an all-time record for the University and a more than 100% increase from last year.