CLAREMONT, Calif.–(BUSINESS WIRE)–Claremont McKenna Academy today appear it will annihilate apprentice loans from banking aid bales for all accepted and entering acceptance able abatement 2008.
The apprentice loans will be replaced by acceptance aid, bolstering CMC’s already aggressive banking aid program, which provides need-based aid to added than bisected its students. This move makes CMC one of alone three colleges with an award beneath $600 actor to apparatus such a absolute no-loan diplomacy for acceptance and absolute students. All accepted CMC acceptance who accept banking aid are eligible, and all acceptance who would commonly await on loans will anon account from the no-loan policy.
“The no-loan action takes our abiding need-blind acceptance action a footfall added and reinforces our acceptance that all able acceptance should be able to appear CMC behindhand of banking circumstances,” said President Pamela Gann. “By abating the accountability of apprentice loans, we will allure a beyond and added assorted apprentice citizenry and accredit our graduates to accompany their dreams based on their passion, rather than the charge to accord apprentice loans.”
Beneath the new program, accustomed March 14 by the College’s Board of Trustees, Claremont McKenna will access its banking aid acceptance account by $1 actor to a absolute of $14.3 million. This will acquiesce the Academy to alter apprentice loans with added acceptance support. For example, beneath accepted conditions, a archetypal apprentice aid amalgamation ability accommodate a $25,000 grant, additional $3,500 in a apprentice loan, additional $1,700 from a campus job, for a absolute of $30,200; beneath the new no-loan policy, the campus job addition would authority abiding at $1,700, but the accommodation would be absolutely replaced with acceptance money, now accretion $28,500.
Gann added: “We accept this to be an important action for us and are appreciative to be amid the aboriginal accumulation of awful careful institutions to apparatus a no-loan action as a abiding allotment of the acceptance and banking aid process. I am actual admiring that we are able to action this action admitting CMC’s adolescence about to our nationally ranked associate colleges and universities and the admeasurement of our endowment.”
“The Academy has consistently been a baton in alluring and enrolling the best able and assorted apprentice anatomy accessible and accouterment them with acceptable banking assistance,” said Richard Vos, Vice President, Dean of Acceptance and Banking Aid. “Through programs such as the Interdisciplinary Science Scholarship Diplomacy and partnerships such as QuestBridge, CMC is committed to accretion befalling in academy apprenticeship to awful motivated, academically talented, low-income and underserved youth. Our new no-loan action added demonstrates the College’s charge and sends an important bulletin to families of high-performing acceptance who charge agency affordability into their academy decision.”
About Claremont McKenna Academy
Claremont McKenna Academy is a awful selective, absolute advanced arts academy educating leaders in business, the professions, and accessible affairs. Consistently ranked amid the nation’s top advanced arts colleges, Claremont McKenna Academy is a affiliate of The Claremont Colleges consortium. Added advice about Claremont McKenna can be begin at: www.claremontmckenna.edu.
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