Haverford May Scrap “No-Loans” Policy

A step back for Quaker utopianism.

Haverford Founders Hall/Wikimedia

In 2007, Haverford decided it wouldn’t make its students take out loans, subsidizing their education through financial aid. Now, they’re considering scrapping that policy, to save up to $820,000 a year.

Under Haverford’s proposal, students from families with incomes of $60,000 to $100,000 would pay $6,000 in loans over four years. Students from families earning $100,000 to $150,000 would pay $10,000, and those from families earning more than $150,000 would pay $12,000.

Students whose parents make under $60,000 a year (about what the school’s tuition and room and board costs) would not have to take out loans, but everyone above that mark–who can’t afford full-ride, that is–would have to take out loans again. Last year, the school’s endowment stood at $387.6 million.