The Campus Buzz

Travel/Jobs: Feed A Joey or Catch A Croc

Feed a Joey or Catch a Croc

No Gap Year should ever be complete without experiencing the real Australia by doing some well paid work on an outback sheep or cattle station.    Apart from learning some life skills - you never know when the ability to ride a horse or drive a tractor would be useful - Australians speak a recognisable form of English, so no new linguistic skills are required! 

After a welcoming Meet and Greet at Brisbane Airport and four days at the beach enjoying sun, sea, sand and surf to get over jet lag - five days of introductory agricultural training are enjoyed.   This includes working with horses, cattle, motorbikes and tractors, learning how to use a chain saw safely, to make fences, how to change a wheel unaided and lots of safety tips both for farms and the outback.  During the training period job offers are received and on the 9th day in Australia you go to the sheep or cattle station, or farm of your choice.                

The work is all well paid and includes free food and accommodation.  Two or three months later, with a pocketful of money (there is nothing to spend it on in the outback!) it is time to head for the coast, visit the tourist hot spots or the cities, go sailing, diving, surfing, bungee jumping, white water rafting or just hanging out at the beach - catch a (small) croc, feed a Joey, swim with a big fish or cuddle a koala. 

Just before you run out of money call Visitoz again and head off for your second exciting well paid adventurous job in the outback.     Visitoz is the only Australian organisation guaranteeing work.    www.visitoz.org

  

Note Taking Pays Off: Top College Students Rewarded at GradeGuru.com

Note Taking Pays Off:
Top College Students Rewarded at GradeGuru.com

McGraw-Hill offers incentives to students taking quality notes and helping their peers with the launch of notes-sharing site

New York, NY (April 14, 2009) – McGraw-Hill Higher Education unveiled its latest innovation in student study today with the official launch of its new notes-sharing site for college students, www.GradeGuru.com.

GradeGuru is a collaborative learning platform that allows college students to upload study materials and class notes to receive peer feedback, recognition and rewards including cash, gift cards and internship opportunities. Notes can be downloaded for free by students seeking guidance on study skills or alternative perspectives on their coursework in a peer-to-peer environment. Features to the site that optimize the notes-sharing process include a refined search function and a simplified uploading process, which allows contributors to post multiple sets of notes simultaneously.

"GradeGuru is essentially the Web 2.0 version of a study group," said Emily Sawtell, Director of New Business Ventures at McGraw-Hill and founder of GradeGuru. "We have long been committed to helping students succeed in ways that they find engaging. By researching student study behaviors, we found that many students are already engaging in peer collaboration. GradeGuru is making that student-driven network more accessible by bringing it online; it is truly a site for students by students."

The academic community is quickly catching on to the benefits GradeGuru offers. "GradeGuru has greatly improved my study habits and the incentive is a great motivator for keeping up with class," said Mrugesh Patel, a student at the University of Michigan. GradeGuru motivates students to develop their study and note-taking skills, rewarding and acknowledging the best note-takers for their academic thought leadership and commitment to peer collaboration. "Note sharing creates critical bonds between students and allows them to build on each other's strengths. GradeGuru is an incredible resource that allows students to learn from one another," said Noelle M. Stout, Assistant Professor of Anthropology at New York University.

Students receive payment for their notes based on the quality and popularity of the uploaded material, as determined by peer review. In addition to having paid over $20,000 to students from Yale, University of Pennsylvania, Duke and other top schools across the country, GradeGuru is awarding the top student contributor this semester with a scholarship of $1,500 in recognition of their hard work and contribution.

GradeGuru recently partnered with TurnItIn.com, the leading plagiarism prevention service used by academic institutions, to deliver on its promise of ethical collaboration. As a result, if students submit unoriginal materials to GradeGuru as their own for a course that uses TurnItIn, that material will be flagged and banned from the site to ensure that GradeGuru is used as intended and without compromising the ethical integrity of the site.

For more information, visit: www.GradeGuru.com.

About GradeGuru
GradeGuru.com, a McGraw-Hill Higher Education start-up, is a student notes sharing web site, committed to developing a collective knowledge platform and academic peer-support network for college students. GradeGuru.com allows students to upload study materials and receive payment through a redeemable points system and provides a comprehensive search function for students to find relevant study materials for their specific school, course or topic.

About McGraw-Hill Higher Education
McGraw-Hill Higher Education, a unit of McGraw-Hill Education, is a premier provider of teaching and learning solutions for 21st century post-secondary and higher education markets worldwide. Through a comprehensive range of traditional and digital education content and tools, McGraw-Hill Higher Education empowers educators and prepares professionals and students of all ages to connect, learn and succeed in the global economy. McGraw-Hill Education, a division of The McGraw-Hill Companies (NYSE: MHP), has offices in 33 countries and publishes in more than 65 languages. Additional information is available at http://www.mheducation.com/.

Media Contact:
Lizzie Manganiello
emanganiello@ampagency.com
617-837-8146

Scholarship/Contest: $10,000 RentCollegeProperties.com Scholarship Up For Grabs

Eat Less Ramen - Join the RCP College Scholarship Competition Rent College Properties, a new rental property location service for college students, announced today plans for an exciting scholarship competition. At stake is $10,000 in scholarship money and a position within the company. The scholarship competition will run from April 6 until July 31. Grand Rapids, MI April 6, 2009 -- Today Rent College Properties, a new web-based rental property location service for college students, is asking college students a question: So you think you can sell? The college student who is able to sell the most memberships for Rent College Properties will win a $10,000 college scholarship. This competition is not based on essay submissions, interviews, where you grew up, what hand you write with, or any other obscure factor. Instead it is determined by your ability to sell! In this economy, who couldn't use more money for college? There is a catch though: individuals who finish the competition within the top ten will be interviewed for a position within Rent College Properties! The scholarship competition will start April 6, 2009 and will conclude July 31, 2009. Rob Freidhoff, founder of Rent College Properties, shared that during the competition students will have access to email templates, video tutorials, and other sales tools created to help participants be successful in the competition. Final standings will be determined based on the number of total points accumulated during the competition. To get more details on the specifics of the competition, go to rentcollegeproperties.com. To enter the competition students must create a free renter account and then sign-up for the Rent College Properties Scholarship Competition. The initial feedback we have been receiving to date has been overwhelmingly positive from students and landlords alike Rent College Properties strongly believes in the social power of the internet. We also believe college students are highly competitive and look for opportunities to excel outside of the classroom, and in fact, some students might even be able to use this competition to gain college credit. Couple these two factors together and we have the makings of an intense scholarship competition Rent College Properties officially launched March 30, 2009 at Grand Valley State University, located in Allendale, Michigan. The Rent College Properties site is simple to use and feature rich. "The initial feedback we have been receiving to date has been overwhelmingly positive from students and landlords alike," according to Freidhoff. New features will be coming online in the next few weeks as more feedback and discussions are had with landlords and students. Freidhoff cited two points when asked why his company was offering out this college scholarship competition. "Rent College Properties strongly believes in the social power of the internet. We also believe college students are highly competitive and look for opportunities to excel outside of the classroom, and in fact, some students might even be able to use this competition to gain college credit. Couple these two factors together and we have the makings of an intense scholarship competition". Earning a $10,000 scholarship while landing a job at the same time sounds like a great way to spend the summer. http://www.rentcollegeproperties.com # # #

Jobs/Internships: GrouperEye.com Matches Remarkable Students with Remarkable Organizations

High GPA, Who Cares? Ideas Win Now.

 

Life just got easier for students with original ideas. GrouperEye.com has launched a service that facilitates real time case competitions online. The company’s goal is to match remarkable students with remarkable organizations. “The system from student to first job is broken, "said GrouperEye founder Ted Williams. "Students find respected jobs in two ways. Either they have close to a 4.0 and apply to well known brands or they know wealthy people who give them jobs. Most of us just settle. Settle for what is easy. Settle for what is comfortable. Settle because we don’t know what else to do. Well, not any more."

How does GrouperEye work? Companies post a case. This case may be a real time problem or opportunity that they are experiencing. Students then compete to come up with the best solution and submit this solution to the company. After the submission deadline, company representatives evaluate solutions and choose a winner. This winner receives a prize of $100 and any additional offering by the company.

Students receive the chance to get noticed for a job opportunity, cash, experience, and a tangible portfolio. Companies receive access to top talent, an employee screening mechanism, original ideas, and buzz. Educators receive real business opportunities to teach from, student placement, and the chance to compete.

GrouperEye, a DC based startup, has landed two of the coolest companies in DC as clients: The Motley Fool and Honest Tea. The site also has registered students from some of the top universities in the country including Harvard, Duke, UVA, UNC, Emory, UT, UF, Georgetown, Cornell, and many more.

When asked how the site plans on making money, founder Ted Williams said, “I really have no idea. Nor do I particularly care. My team will find a way to pay the rent. But, I will tell you what we do care enough about to keep us up at night. We care about delivering remarkably talented students to companies that love them. We care about giving opportunities to those students that have the best ideas. We care about disrupting the whole system. It is time for a revolution and we want to lead it."

GrouperEye is based on three simple principles. (1) The system for young people finding meaningful work is broken. (2) The solution is for organizations to meet, talk, and collaborate with young people earlier, more often, and in creative ways. (3) Young people are valuable to organizations. Learn more at www.GrouperEye.com. Ideas have never been sweeter.

Contact Information
David Graham
VP of Marketng, GrouperEye
david@groupereye.com
202.431.7509

For Syndication: Keys To Landing A Job This Summer

FOR SYNDICATION: THIS ARTICLE IS FOR RE-PUBLISHING

Keys To Landing A Job This Summer

By Austin Lavin, CEO and Co-Founder of MyFirstPayCheck.com

As many young college students struggle through the first recession they have ever faced, many are starting the summer job search on uncertain footing. With the number of available jobs decreasing every day, and a wider pool of applicants competing even for hourly positions, it is tougher than ever for college students to find a job.

The good news is, it's not impossible.

There are plenty of employers looking for the affordable, enthusiastic, and energetic help that students provide,  and if college students start their job search early, prepare, and follow-up they will be sure to land a job this summer.

The key for college job seekers is to be brave. Don't let yourself be discouraged by the economic downturn. It is okay to be rejected 10,15, or even 20 times. Remember, all you need to land a job is one person to say yes.

It is also essential for college students to be prepared when they start the job search process. Treat all applications the same. Even if it's a restaurant or retail job, students should bring a resume and cover-letter when applying. Recognize that many managers are under new pressure to produce results.  Sell yourself as a person who can deliver value. Students should also be polite; dress up, make eye contact, shake hands, and avoid using slang. First impressions matter -- take advantage of the opportunity.

Persistence also pays off. Follow-up with employers after applying, send a thank you note to interviewers, and keep applying.

Look for work in places other than the mall.  The weak economy means that employers are stretched for money but desperate for help, and since college students often have few expenses, this is a particularly good summer to try to build credentials in the field of your choice, by offering to work unpaid -- as an intern or summer associate if needed.

It is going to be a tough summer for student job seekers, but by starting early, being prepared, and being persistent, you will be able to find a job. These tips should get you started, but if you need more
help there are plenty of places to go online for more summer job tips, including CoolWorks.com and MyFirstPayCheck.com, which provides job, internship, and volunteer listings. MyFirstPayCheck.com also provides advice and resources to help young people have a more successful job application process.

Austin Lavin is the CEO MyFirstPayCheck.com, which he co-founded in 2007 with his sister Celeste. MyFirstPayCheck.com is an educational employment site for young adults. Along with job, internship, and volunteer opportunities, MyFirstPayCheck.com provides advice and resources to help young people have a more successful job application process. MyFirstPayCheck.com is also a valuable resource for companies searching for an online outlet to hire temporary, seasonal and part-time employees. Austin is responsible for setting the overall direction and product strategy for the company. He leads the design of MyFirstPayCheck.com's service and development of its core technology and infrastructure. Austin graduated from the University of Pennsylvania and is based in Philadelphia.

Kiplinger's List of Best Values in Colleges & Universities

Kiplinger's List of Best Values in Colleges & Universities

Graduate School: New Web-Based Test Prep Company Offers Recession Relief

New Year's Resolution Discount Mirrors Dow's Rise and Fall; Will Help Those Seeking More Education in Tough Times

New York, NY (Vocus/PRWEB ) January 5, 2009 -- Downsize, rightsize, doing more with less--whatever you call it, the financial crisis caused over 3.1 million people to lose jobs in 2008. Countless others are working harder to stay afloat, or bypassing the job market altogether by going directly from college to graduate school. Test prep upstart Knewton, Inc. is empowering people whose New Year's resolutions revolve around tackling the recession in addition to their waistlines.

Test-prep tuition indexed to Dow

Most of the money spent on traditional test prep pays for administrative staff and real estate. As a web-based company, we spend that money on exceptional teachers and technology, and on giving our students more class hours and personal attention

Knewton's adaptive-learning engine is the most innovative educational technology I've ever seen

They are going to revolutionize not just the test-prep industry but possibly the entire practice of education.

For those wondering how to afford a top-notch GMAT, LSAT, or GRE prep course--or their child's SAT course--Knewton has the answer: An enormous discount mirroring the drop in the Dow Jones Industrial Average since Jan. 1, 2008 (32.27 percent as of today). The more the market goes down, the bigger the discount. A stock ticker at knewton.com updates prices in real time.

Knewton's eLearning technology is even more innovative than its pricing, merging an adaptive learning engine with live, online video classes. The classes are archived for those who miss live sessions. The system adapts to each student based on his or her concept-by-concept ability level and optimal learning style. Knewton was one of seven national finalists selected from over 1,000 entrants in the 2008 Amazon.com Start-Up Challenge.

Some of the nation's top test industry veterans are on Knewton's team, including CEO Jose Ferreira (a former Kaplan Test Prep executive), and Len Swanson and Rob McKinley--the testing gurus who developed the GMAT, LSAT, and GRE. Now these legendary test-makers are helping Knewton's test-takers.

"Most of the money spent on traditional test prep pays for administrative staff and real estate. As a web-based company, we spend that money on exceptional teachers and technology, and on giving our students more class hours and personal attention," said Ferreira.

Knewton also offers an industry-best, money-back guarantee of a 50-point improvement on GMAT scores, 5 on the LSAT, 100 on the GRE, and 150 on the SAT. The Dow-tied discount is good until Jan. 31, 2009. Students must sign up by then to lock in the savings.

"Knewton's adaptive-learning engine is the most innovative educational technology I've ever seen," said Greg Rorke, former CEO of Kaplan, Inc. "They are going to revolutionize not just the test-prep industry but possibly the entire practice of education."

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Money: Students Support Fair Campus Credit Card Marketing Principles

For Immediate Release:
2008-03-27

Contact:
Ed Mierzwinski, 202-546-9707
Ed Mierzwinski, 202-546-9707 x314
Steve Blackledge, 916-448-4516
Washington, D.C.

Washington, D.C.: Students Support Fair Campus Credit Card Marketing Principles

Washington, DC -- Students overwhelmingly support limits on campus credit card marketing, according to the results of a nationwide U.S. PIRG survey of more than 1,500 students at 40 colleges in 14 states.

“Campus credit card marketing is simply out-of-control,” said U.S. PIRG  Consumer Program Director Ed Mierzwinski. “At tables on and off campus, on your phone and in your mail, there’s a credit card company making a pitch to get into your wallet, even if you cannot afford to pay the bill.”

The survey findings come as state attorneys general and Congress are also investigating the enticements that the credit card companies rely on to trap college students into applying for credit cards that have bad terms and conditions, Mierzwinski said.

“We applaud the efforts of U.S. PIRG to raise awareness of the dangers of credit card abuse. If the credit card industry continues to exploit young consumers, we will continue to file more lawsuits, like the one we filed against Citibank and their marketing company to stop lenders from luring vulnerable college students into a debt trap with high rate, high fee credit cards,” said Ohio Attorney General Marc Dann.

Among the key findings of the “Campus Credit Card Trap,” were:

     -Three of four students (76 percent) reported stopping at tables to consider offers or apply for credit cards. Of students who reported stopping or applying at on-campus tables for credit cards for free gifts ranging from t-shirts to blankets to sandwiches or pizza or even an iPod shuffle.

     -Four in five (80 percent) of students supported one or more fair marketing principles. Nearly three-in-four students (74 percent) asserted that only cards with fair terms and conditions should be marketed on campus. Students also overwhelmingly (67 percent) opposed the sale or sharing of student lists (which can include home and dorm addresses, email addresses and land line and cell phone numbers) with credit card companies.

     -Nearly two in three students (66 percent) reported that they had at least one credit card. Of these, 30 percent reported that their parents paid the bill. Thirty-six percent (or just over half of the remainder) reported that they paid the full balance on their primary card each month and just under half of the remainder (34 percent) reported carrying a balance from month-to-month.

     -Of all respondents, whether they currently had a card or not, one in four (25 percent) reported paying at least one late fee; 15 percent reported paying at least one over-the-limit fee and 6 percent reported that a card had been cancelled for non-payment.

“Much of the credit card debt that students carry can be tied to educational costs. So it is important that the marketplace stays fair on campus for students," said Ohio State University Student Body President Kate Christobek.

“NASPA takes the issue of student debt seriously because student affairs administrators deal with students with debt directly,” said National Association of Student Personnel Administrators Executive Director Gwen Dungy. “Therefore we have supported efforts in particular over the past several years to increase financial education on campus and we support PIRG's effort to cast a more critical eye on the types of marketing that occur on the campus.”

Mierzwinski said that the release of the survey was part of U.S. PIRG’s ongoing truthaboutcredit.org campaign to rein in unfair campus credit card marketing. In addition to the release of this survey and other future reports, the group’s activities include:

     -A FEESA (sounds like VISA) campus credit card counter-marketing campaign. “Our representatives dress like credit card vendors and set up tables, too, but instead of handing out free gifts, we give out credit education fact sheets and “don’t be a sucker” lollipops,” Mierzwinski said.

-Ongoing efforts to urge college administrations to adopt the PIRG campus credit card marketing platform, which calls for a ban on free gifts, a ban on selling or sharing student lists, a ban on campus sponsorship of marketing and increased financial education. 

“Even though some schools or states have restricted campus credit card marketing, it’s clear that more needs to be done,” concluded Mierzwinski. “Without concerted efforts to keep the marketplace on campus fair, the banks will keep finding new ways to get bad credit products into students’ wallets.”

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Bloggers: Chapeau Blog Awards' Affiliate Program Pays $10 for Every Blog Award Entry Referred

Hosting the Chapeau Blog Awards Banner Earns Bloggers Sweet Rewards.

Minneapolis, MN (PRWEB) December 30, 2008 -- Chapeau Blog Awards (www.ChapeauBlogAwards.com) is offering bloggers a chance to earn some brilliant money and a free entry into the Chapeau Blog Awards with the newly launched Chapeau Blog Awards' Affiliate Program.

Chapeau Blog Awards is dedicated to rewarding blogger brilliance from every corner of the globe. Unfortunately, Chapeau Blog Awards just can't be everywhere at once - and that's where bloggers come in. By signing up for the Chapeau Blog Awards' Affiliate Program, bloggers earn sweet rewards while helping bloggers from around the world get recognized by Chapeau Blog Awards.

The Chapeau Blog Awards' Affiliate Program is a simple way for bloggers to earn some extra cash and eventually a free entry into the Chapeau Blog Awards

To get started, bloggers simply need to complete two, easy steps:
1. Complete a submission form located at: www.chapeaublogawards.com/affiliate-signup.php

2. Place the Chapeau Blog Awards Banner on their site.

With two simple steps bloggers can start earning $10 for each entry their site refers to the Chapeau Blog Awards. Once 18 entries have been received, the blogger hosting the banner will receive a free entry into Chapeau Blog Awards.

"The Chapeau Blog Awards' Affiliate Program is a simple way for bloggers to earn some extra cash and eventually a free entry into the Chapeau Blog Awards," states Susan Misukanis, Director of Chapeau Blog Awards.

To become an affiliate, visit the Chapeau Blog Awards' Affiliate Program sign up page.

About Chapeau Blog Awards:
Chapeau Blog Awards is an awards contest that tips its chapeaus to honor bloggers worldwide who devote their time and knowledge to inform, entertain and challenge their readers. Those involved in the Chapeau Blog Awards are not involved in the final selection of winners. Rather than assembling an antiquated academy of high profile 'Noggers' - Non-bloggers - to determine which blog is best, Chapeau Blog Awards does what bloggers do. They ask for the opinion of the public sphere of blog readers. By asking blog readers to judge the Chapeau Blog Awards, entrants can be assured of a meaningful award as selected by their most important audience; blog readers themselves. Chapeau Blog Awards is the creator of BlogOh!Pedia, an online encyclopedia of blogging terms and Blog Review, an online review of blogs from around the world.

E-mail Chapeau Blog Awards at Info@ChapeauBlogAwards.com.

The only way to be considered for a Chapeau Blog Award is to enter your blog today.

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Loans: No Loans for Low Income Students

No Loans for Low Income Students
by FinAid

A handful of schools have instituted policies that ensure that low income students have no loans in their financial aid packages. These are also referred to as "free tuition" programs for low income students.

Typically low income is defined as the bottom quintile by family income, such as family incomes below about $40,000, by Pell Grant eligibility, or families with incomes below 200% of the poverty line.

Types of No-Loans Policies

The policies fall into four main types:

• No loans. These policies eliminate loans from the financial aid package of low income students. In Princeton's case, the loans are eliminated from the aid packages of all students, not just low income students. Other schools with no loan policies for low income students include Rice University, UNC Chapel Hill, University of Virginia, and the University of Pennsylvania.
• Loan caps. These policies institute a low cap on student loans for low-income students. Examples of schools with such policies include Brown University.
• No parental contribution. These policies eliminate the parental contribution, but retain the student contribution along with the standard self-help level. So these policies may still require some loans in the aid package, albeit a reduced amount. Examples of schools with such policies include Yale and Stanford.
• Pell grant match. These policies match the student's Federal Pell Grant. This significantly reduces but does not eliminate the self-help level. Examples of schools with such policies include the University of Minnesota system.

Good Public Policy

The justification for such a policy is that the existence of debt in the financial aid package has a much greater impact on matriculation rates among lower income students than among middle and upper income students. Lower income families fear debt and have much less experience with debt than middle and upper income families. What little experience they have with debt is much more likely to be negative. Even when you tell them that they will be able to get a good job and easily repay the debt after they graduate, the idea that they will have to borrow more money than their parents earn in a year has a chilling effect on enrollment. It presents them with a psychological barrier against matriculation.

Middle income students don't like having to borrow to pay for their education, but it doesn't stop them from matriculating to the same degree as lower income students. With lower income students, the form of the financial aid matters almost as much as the amount of aid.

Given that the goal of financial aid is to promote access to higher education, both the amount and the types of aid need to be tailored to the populations the college is trying to serve. Otherwise, promoting access without facilitating matriculation presents these students with an empty promise.

Overall, eliminating loans from the financial aid packages of low income students is a good way for colleges to fulfill their charitable mission.

Impact of No-Loans Policies

Princeton was the first college to eliminate loans from the financial aid packages of low-income students, initiating the trend in 1998-1999. The number of low income students matriculating at Princeton has doubled from 1998-1999 to 2005-2006.

After Harvard University instituted its policy of eliminating the parental contribution for low income families, it saw a 20% increase in the number of low income students matriculating, according to

Christopher Avery, Caroline Hoxby, Clement Jackson, Kaitlin Burek, Glenn Pope and Mridula Raman, Cost Should Be No Barrier: An Evaluation of the First Year of Harvard's Financial Aid Initiative, National Bureau of Economic Research, NBER Working Paper #12029, February 2006.

Both are significant increases. The greater relative increase in the number of low income students at Princeton suggests that a strict "no loans" policy has a greater impact on matriculation rates among low-income students than a no-parental-contribution policy.

The Chronicle of Higher Education reported that another NBER study showed that replacing loans with grants in the financial aid packages of low-income students increases the likelihood that the college graduates will pursue careers in public service. That study, by Jesse Rothstein and Cecelia E. Rouse of Princeton University, reported that an extra $10,000 in debt corresponds to a 5% to 6% decrease in the likelihood of pursuing a public service career.

The Journal of Blacks in Higher Education reported declines in the percentages of low income students (as demonstrated by the number of Pell Grant recipients) at elite colleges. This mirrors the results of a similar analysis previously conducted by the Chronicle of Higher Education. The Chronicle found that a very small percentage of students at the wealthiest colleges receive Pell Grants.

Clearly, it is easier for a college with very few low income students to eliminate loans from the financial aid package than a college with a smaller endowment and a much greater percentage of Pell Grant recipients. But the elite colleges also need to do more to help low income students. As the elite colleges become more selective in their admissions policies, they are crowding out lower income students who did not have the same advantages as their wealthier peers. Extending no loans policies to all students and reducing costs for middle income families in addition to low income families increases competition for admission and can potentially reduce the number of low income students being admitted. The elite colleges need to consider that a student who overcame the disadvantages of a low income background may be more impressive than a talented student who has never been tested by adversity. After all, low income students often have to supplement their family income or even act as the primary wage-earner for their family, leaving little time for extracurricular activities or schoolwork. Perhaps the elite colleges should establish admissions preferences for low income students?

So far about two-fifths of colleges with endowments in the billion dollar plus range have adopted no-loans policies. Any college where the endowment per FTE enrollment exceeds $500,000 can afford to eliminate loans from the financial aid packages of low income students. (Technically, if the endowment per enrolled student multiplied by 5% and divided by the percentage of Pell Grant recipients exceeds the cost of attendance, the college can afford to be generous to low income students.) Colleges with smaller endowments are unlikely to adopt such policies because they cannot afford to do so. (In some cases smaller colleges are able to adopt such policies by limiting them to students who graduate from nearby high schools or by limiting the no loans policies to tuition and fees.) To eliminate loans from the financial aid packages of low income students, Congress would need to double the maximum Pell Grant, as was advocated in Leo Kornfeld and Mark Kantrowitz, A New 'Independence Day for Student Financial Aid, The Chronicle of Higher Education, 53(23):B11, February 9, 2007. Such an increase in need-based grants would likely pay for itself through increased federal income tax revenue.

If smaller colleges want to institution a no loans policy, they will usually need to limit it in various ways. First, they will need to limit the policy to just low income students, such as students whose families earn less than $50,000 (or some other threshold, perhaps based on a multiple of the poverty line) or who are Pell Grant recipients. They main have to retain a self-help level of $2,500, which the students can earn from the work-study program (or, at the student's option, borrow from the federal loan programs).

Genesis

The first college to adopt a policy eliminating loans from the financial aid packages of low income students was Princeton University in 1998-99. They expanded this policy to all students in 2001-02. This was followed by the University of North Carolina at Chapel Hill in 2003-04 and the University of Virginia in 2004-05. But the number of colleges didn't start expanding rapidly until the Advisory Committee on Student Financial Assistance (ACSFA) issued its report, Mortgaging Our Future: How Financial Barriers to College Undercut America's Global Competitiveness in September 2006. This was the first study of "pipeline leakage" to quantify the impact of financial constraints on enrollment and graduation by college-capable low income students. The Kornfeld-Kantrowitz op-ed in the Chronicle of Higher Education in February 2007 also advocated for eliminating loans from the financial aid packages of low income students.

Pressure on colleges to increase funding for student financial aid also increased in September 2007, when Senator Charles E. Grassley of Iowa proposed requiring wealthy colleges to spend at least 5% of their endowment funds, mirroring an existing requirement for private foundations. According to data from the National Association of College and University Business Officers (NACUBO), colleges with endowments of more than $1 billion spent 4.6% in 2006 and colleges with endowments of $500 million to $1 billion spent 4.5%.

Endowment Spending Rates
Year	$500 million to $1 billion	> $1 billion
2007	4.4%	4.4%
2006	4.5%	4.6%
2005	4.8%	4.8%
2004	5.1%	5.2%
2003	5.4%	5.3%
2002	5.1%	4.8%
2001	4.6%	4.1%
2000	4.6%	4.0%

Colleges do not necessarily have the flexibility to increase their endowment spending on student aid, since the endowment funds are often subject to donor restrictions. Unrestricted funds and funds for student aid represent a small percentage of the overall endowment. (Yet money is fungible, so increasing spending from restricted funds may free up some money from the operating budget for student aid.) Colleges also argue that they are being careful to preserve the spending power of their endowments to allow them to weather economic downturns when investment losses decrease the size of the endowment, such as occurred in 2001 and 2002, and to compensate for inflation. Endowment income is also used to balance out fluctuations in gift-giving to the colleges. However, the adoption of a no loans policy provides a good motivation for alumni contributions, and several colleges have launched fundraising campaigns for this purpose.

Caveats

These policies eliminate or reduce loans in the financial aid package. They do not affect loans for students who do not receive financial aid. They also do not prevent a family from borrowing from non-need-based loans, such as the unsubsidized Stafford Loan, the PLUS loan and private student loans, to pay the expected family contribution. Thus students at these colleges may continue to graduate with debt, although much less debt than before.

In addition, colleges that have not eliminated the student contribution are effectively retaining a self-help level. If the student is unwilling or unable to use savings or work to pay the self-help portion of the financial aid package, they will have to borrow instead. So even though federal need analysis shelters work-study and a portion of non-work-study earnings, even students with a zero EFC will need to work or borrow at schools that maintain a self-help level. Also, retaining this self-help level effectively establishes a caste system on campus, where the poor work to serve the needs of the wealthy.

Colleges Eliminating Loans from Financial Aid

Colleges that have eliminated loans from the financial aid packages of all undergraduate students include Princeton University, Davidson College, Williams College, Amherst College, Harvard University, Pomona College, Swarthmore College, Haverford College, University of Pennsylvania, Yale University, Bowdoin College, Dartmouth College, Stanford University, Wellesley College, Columbia University, Claremont McKenna College and Vanderbilt University.

The following table lists colleges that have taken steps to significantly reduce or eliminate the self-help level or eliminate loans from the aid package for lower income students.

College/Program	Accommodation	Eligibility	Year Initiated
Amherst College	Replaces loans with grants and work-study in the financial aid package.	Students with parental contributions of up to $3,800 (family income roughly $40,000).	2007-2008
	Replaces loans with grants and work-study in the financial aid package.	All students	2008-2009
Appalachian State University (Appalachian ACCESS)	Replaces loans with grants in the financial aid package sufficient to cover institutional charges such as tuition, fees, room and board. An on-campus job is provided to cover transportation and personal expenses.	North Carolina residents entering as a full-time freshman (no transfer students) with family income below the Federal Poverty Line for the family size.	2007-2008
Arizona State University (ASU Advantage)	Replaces loans with grants and work-study in the aid package. Does not include transportation and personal expenses within the scope of this policy.	Arizona residents with family income of up to $25,000.	2007-2008
Boston University	Replaces loans with grants in the financial aid package.	Boston residents who graduate from Boston Public Schools	2009-2010
Bowdoin College	Replaces loans with grants in the financial aid package.	All students	2008-2009
Brown University	Significantly reduced loans for low-income students, replacing them with grants. Caps total loans for four years of college at $7,000. Also applies outside scholarships first toward reducing self-help.	Family earning less than about $30,000	1999-2000
	Significantly reduced loans for low-income students, replacing them with grants. Caps total loans for four years of college at $11,500. Also applies outside scholarships first toward reducing self-help.	Family earning less than about $50,000
	Eliminates loans from the financial aid package, replacing them with grants.	Family earning less than $100,000	2008-2009
	Limits total four-year debt to $12,000.	Family earning $100,000 to $125,000.
	Limits total four-year debt to $16,000.	Family earning $125,000 to $150,000.
	Limits total four-year debt to $20,000.	Family earning $150,000 or more.
	Eliminates the parental contribution.	Family earning less than $60,000
Bryan College (Tennessee) William Jennings Bryan Opportunity Program	Full tuition and fees	First-time full-time student with total family income of $35,000 or less. Students must maintain a 3.0 GPA for continued eligibility. A separate application is required and the FAFSA must be submitted by the school's priority deadline of February 15.	2007-2008
California Institute of Technology (Caltech)	Replaces loans with grants in the financial aid package. Student contribution of $1,500 (from summer earnings) plus federal work study of $750.	US students with family income less than $60,000.	2008-2009
Carleton College	$4,000 scholarship (70% reduction in debt)	Students from families earning less than $40,000.	2008-2009
	$3,000 scholarship (50% reduction in debt)	Students from families earning between $40,000 and $60,000.
	$2,000 scholarship (33% reduction in debt)	Students from families earning between $60,000 and $75,000.
Claremont McKenna College	Replaces loans with grants in the financial aid package.	All students.	2008-2009
Colby College	Replaces loans with grants in the financial aid package.	Maine residents.	2008-2009
College of Holy Cross (Worcester, MA)	Free tuition	Worcester residents with family income below $50,000.	2008-2009
College of William and Mary (Gateway)	Replaces loans with grants in the financial aid package.	Virginia residents with family income below $40,000.	2007-2008
Columbia University	Replaces loans with grants in the financial aid package.	Undergraduate students from families with annual incomes below $50,000.	2007-2008
	Eliminates loans from the financial aid package, replacing them with grants.	All students attending Columbia College or SEAS.	2008-2009
	Eliminates the parent contribution. Students will "no longer be expected to borrow or contribute any of their income or assets" to tuition, room and board or other fees.	Undergraduate students in Columbia College or the Fu Foundation School of Engineering and Applied Science (SEAS) from families with annual incomes below $60,000.
	Reduces the parent contribution.	Undergraduate students in Columbia College or SEAS from families with annual incomes of $60,000 to $100,000 and typical assets.
Cornell University	Replaces loans with grants in the financial aid package.	Undergraduate students from families with annual incomes below $60,000.	2008-2009
	Caps need-based loans at $3,000	Undergraduate students from families with annual incomes between $60,000 and $120,000.
	Replaces loans with grants in the financial aid package.	Undergraduate students from families with annual incomes below $75,000.	2009-2010
	Caps need-based loans at $3,000	Undergraduate students from families with annual incomes between $75,000 and $120,000.
Dartmouth College	No loans in the financial aid package.	All students	2008-2009
	Free tuition	Students from families earning less than $75,000
Davidson College (North Carolina)	No loans in the financial aid package.		2007-2008
Duke University	Replaces loans with grants in the financial aid package.	Undergraduate students with family income below $40,000.	2008-2009
	Eliminates the parental contribution.	Undergraduate students with family income between $40,000 and $60,000.	2008-2009
	Limits loans on a graduated basis ($1,000 to $4,000 per year) and freezes loans at the freshman level.	Undergraduate students with family income between $40,000 and $100,000 in four $15,000 income tiers.	2008-2009
	Caps loans at $5,000/year.	Undergraduate students with family income of $100,000 or more.	2008-2009
Emory University (Emory Advantage)	Replaces loans with work-study and grants.	Undergraduate students with family income below $50,000.	2007-2008
	Caps four-year need-based debt at $15,000	Undergraduate students with family income between $50,000 and $100,000.	2007-2008
Fairfield University Bridgeport Tuition Plan	Free tuition.	Undergraduate students from Bridgeport public and diocesan high schools with family income below $50,000.	2008-2009
Georgia Institute of Technology (Tech Promise)	Replaces loans with work-study and grants in the financial aid package. Up to $1,250 in work per semester ($2,500 per year). Only covers institutional charges for tuition, fees, room and board.	Georgia residents pursuing a first undergraduate degree with parent income below $30,000 and eligible to file a 1040A or 1040EZ. Requires minimum 2.0 GPA. 8 semester limit.	2007-2008
Harvard University See also the December 10, 2007 announcement of Harvard's "Zero to 10 Percent Standard".	Eliminates parent contribution.	Families with annual incomes below $40,000.	2004-2005
		Families with annual incomes below $60,000.	2006-2007
	Replaces loans with grants in the financial aid package. Also eliminates consideration of home equity in need analysis.	All undergraduate students.	2008-2009
	Zero to 10 Percent Standard. Upper middle income families will be expected to pay at most 10% of their income.	Families with annual incomes above $120,000 and below $180,000.	2008-2009
	Zero to 10 Percent Standard. Middle income families will be expected to pay at most 0% to 10% of their income on a sliding scale.	Families with annual incomes above $60,000 and below $120,000.	2008-2009
	Zero to 10 Percent Standard. Lower income families will be expected to contribute nothing to the cost of attendance.	Families with annual incomes below $60,000.	2008-2009
Haverford College	Replaces loans with grants in the financial aid package	All students (phased in for incoming first-year students, with other relief for continuing students)	2008-2009
Indiana University Bloomington 21st Century Scholarship Covenant (21st Century Scholars Program)	Replaces loans with grants in the financial aid package. Covers only the tuition and fees at an Indiana public college; it will be less than the full tuition and fees at Indiana private colleges. The tuition scholarship does not cover the cost of room and board, books and personal expenses.	Indiana residents who complete the 21st Century Scholars Application in middle school (a pledge to remain drug-, alcohol- and crime-free, maintain a 2.0 gpa, and to graduate high school) and who are low income (eligible for the federal school lunch program) and enrolled full-time at eligible Indiana Colleges. Home-schooled students are not eligible.	2007-2008
Kenyon College	No loans in the financial aid package.	25 students with greatest financial need, eventually more.	2008-2009
Lafayette College	No loans in the financial aid package.	Students from families earning less than $50,000 and with typical assets.	2008-2009
	Limits loans in the financial aid package to $2,500 per year.	Students from families earning between $50,000 and $100,000 and with typical assets.	2009-2010
Lamar University Lamar Promise Program	Covers tuition and fees.	Undergraduate students who are Texas residents and eligible for the Pell Grant with family income of $25,000 or less. Students must also maintain satisfactory academic progress.	2009-2010
Lehigh University	No loans in the financial aid package.	Students from families with income less than $50,000.	2008-2009
	Caps loans in the financial aid package at $3,000 per year.	Students from families with income between $50,000 and $75,000.
Massachusetts Institute of Technology	Matches Federal Pell Grants		2006-2007
	Eliminates tuition.	Families earning less than $75,000 a year with typical assets. (Roughly 30% of families.)	2008-2009
	Eliminates loans from the financial aid package.	Families earning less than $75,000 a year with typical assets.
	Eliminates consideration of home equity in need analysis. This will lead to a reduction in the parental contribution of approximately $1,600. Similar reductions will be applied to families who rent instead of own a home.	Families earning less than $100,000 a year with typical assets.
	Reduces work-study requirement by 10%	All financial aid recipients
Miami University (Ohio) Miami Access Initiative	Covers full tuition and fees	Students with family incomes of $35,000 or less.	2007-2008
Michigan State University (Spartan Advantage)	Replaces loans with grants and work study.	Low income students with family incomes at or below the federal poverty line.	2006-2007
North Carolina State University (Pack Promise)	Caps need-based loans at $2,500 per year, replacing the remainder with grants and work-study.	Undergraduate students with family income less than 150% of the poverty line. Requires the family to have "limited assets".	2007-2008
Northwestern University	Replaces loans with grants in the financial aid package.	Students with the greatest financial need. Roughly 80% will have family incomes under $55,000. Students must be Pell-eligible with financial need greater than 80% of the cost of attendance.	2008-2009
	Caps total need-based loans (Perkins and subsidized Stafford) at $20,000 over four years.	All students receiving Northwestern Scholarship assistance.	2008-2009
Pomona College	Replaces loans with grants in the financial aid package.	All students.	2008-2009
Princeton University	Replaces loans with grants.	Students from low-income families.	1998-1999
	Eliminates loans, replacing them with grants.	All students who qualify for financial aid.	2001-2002
Rice University	Eliminates loans from the financial aid package.	Students with a family income under $30,000	2005-2006
	Caps total loans for four years of college at about $11,600.	Students with a family income of $30,000 to $60,000.
Sacred Heart University	Free tuition	Undergraduate students from Fairfield County, Connecticut, high schools with family income below $50,000.	2008-2009
South Texas University	Free tuition and fees	Undergraduate students who are Texas residents and whose families earn $25,000 or less a year. The FAFSA must be submitted by the school's March 1 priority deadline.	2007-2008
Stanford University	Eliminates parent contribution.	Families with annual incomes below $45,000.	2006-2007
	Eliminates loans from the financial aid package, replacing them with grants. Students are still expected to contribute $4,500 in earnings from work, with $2,500 from working during the academic year and $2,000 from working during the summer.	All families	2008-2009
	Eliminates the parental contribution and no tuition or room and board charges.	Families with annual incomes below $60,000.
	No tuition.	Families with annual incomes below $100,000 and typical assets (less than $250,000 in non-retirement assets with home equity capped at 1.2 times annual income).
Swarthmore College	Replaces loans with grants in the financial aid package.	Families with annual incomes below $60,000.	2006-2007
	Replaces loans with grants in the financial aid package.	All families.	2008-2009
Texas A&M University	Free tuition and fees	New resident undergraduate freshmen from Texas whose families earn an AGI of $30,000 or less a year (System Promise Program) or $30,000 to $60,000 a year (Aggie Assurance). The FAFSA must be submitted by April 1. The recipients must maintain at least a 2.5 GPA.	2009-2010
Texas State University - San Marcos Bobcat Promise	Free tuition and fees	New resident undergraduate freshmen from San Marcos High School whose families earn an AGI of $35,000 or less a year. The FAFSA must be submitted by April 1. The recipients must maintain at least a 2.0 GPA.	2009-2010
	Free tuition and fees	New resident undergraduate freshmen from Texas whose families earn an AGI of $25,000 or less a year. The FAFSA must be submitted by April 1. The recipients must maintain at least a 2.0 GPA.	2009-2010
Tufts University	Eliminates loans from the financial aid package	Students from families with income below $40,000	2007-2008
University of Arizona Arizona Assurance	Eliminates loans from the financial aid package. Includes a $2,400 work-study job. Does not cover transportation and personal expenses.	Arizona residents with family income less than or equal to $42,400 who are Pell Grant recipients. Candidates must have historically low income with typical assets. Candidates whose income is low for just one year are ineligible. Will be phased in starting with the freshman class entering in 2008-2009. 2.0 GPA required.	2008-2009
University of Chicago Odyssey Scholarships	Eliminates loans from the financial aid package. Includes a minimum student contribution of $1,980 and work-study of $2,200 to $3,000.	Students with family income less than $60,000.	2008-2009
	Cuts loans in the financial aid package in half, capping them at $3,000 per year. Includes a minimum student contribution of $1,980 and work-study of $2,200 to $3,000.	Students with family income between $60,000 and $75,000.
University of Florida Florida Opportunity Scholarships	Eliminates loans from the financial aid package.	Florida residents with family income less than $40,000 whose parents did not earn a bachelor's degree.	2006-2007
University of Illinois at Urbana-Champaign (Illinois Promise)	Replaces loans with grants and work-study	Illinois residents with zero EFC and family income below the poverty line.	2007-2008
University of Louisville (Cardinal Convenant)	Replaces loans and work-study with grants in the financial aid package.	Kentucky residents with family income below 150% of the poverty line.	2007-2008
University of Maryland, College Park (Maryland Pathways)	Replaces loans with work-study and grants in the financial aid package.	Zero EFC students	2007-2008
	Caps four-year debt at $15,900	Students with need-based loans.
University of Michigan at Ann Arbor	Eliminates loans from the financial aid package, replacing them with M-PACT scholarship funds. Includes $2,500 in work-study.	Michigan residents with a zero EFC who are pursuing a first bachelor's degree.	2006-2007
University of Minnesota system Founders Opportunity Scholarship	Matches the Pell Grant	Minnesota residents. Phased in with each new incoming class, until fully implemented in 2008-2009.	2005-2006
University of North Carolina at Chapel Hill Carolina Covenant	Eliminates debt in the financial aid package	Students from families with incomes up to 200% of the poverty line. (A 150% threshold was in effect in 2003-2004.)	2003-2004
University of Pennsylvania	Eliminates loans from the financial aid package.	Students from families earning less than $50,000.	2006-2007
	Eliminates loans from the financial aid package.	Students from families earning less than $60,000.	2007-2008
	Eliminates loans from the financial aid package.	Students from families earning less than $100,000.	2008-2009
	Eliminates loans from the financial aid package.	All students	2009-2010
University of Tennessee Tennessee Pledge	Replaces loans with grants in the financial aid package to cover tuition, fees, room and board. Work and loans are still required for books and supplies, transportation and personal expenses.	Tennesse resident undergraduate students with family income less than or equal to $27,000 (150% of the poverty line). Minimum 2.0 GPA required.	2005-2006
University of Toledo Blue and Gold Scholar Award	Full tuition scholarship.	Students graduating from one of six public school districts in Ohio (Akron, Cincinnati, Cleveland, Columbus, Dayton or Toledo) with a 3.0 GPA, filing the FAFSA by April 1 and demonstrating eligibility for the Pell Grant.	2009-2010
University of Vermont	Replaces loans with grants in the financial aid package. Limited to tuition and fees.	Pell-eligible Vermont undergraduate students.	2008-2009
University of Virginia AccessUVA	Eliminates loans from the aid package.	Students from families with incomes up to 200% of the poverty line ($37,700 for a family of four in 2004).	2004-2005
University of Washington	Full tuition and fees (but not room and board).	Students from families earning less than or equal to 65% of the state median income (about 235% of the federal poverty level) who qualify for Pell Grants or State Need Grants.	2007-2008
Vanderbilt University (press release)	Replace need-based loans with grants in the financial aid package.	All students receiving need-based student aid.	2009-2010
Vassar College	Eliminates loans from the financial aid package, replacing them with grants.	Students from families with annual incomes less than $60,000.	2008-2009
Washington University in St. Louis	Eliminates loans from the financial aid package, replacing them with grants.	Students from families with annual incomes less than $60,000.	2008-2009
Wellesley College	Replaces loans with grants in the financial aid package.	Students from families earning $60,000 or less per year	2008-2009
	Reduces loans in the financial aid package by one-third, to a maximum of $8,600 over four years.	Students from families earning $60,000 to $100,000 per year
	Limits loans to a maximum of $12,825 over four years.	Students from families earning more than $100,000 per year
Wesleyan University	Replaces loans with grants in the financial aid package.	Students from families earning $40,000 or less per year	2008-2009
Williams College	Replaces loans with grants in the financial aid package.	All students	2008-2009
Yale University	Eliminates the parent contribution	Families earning less than $45,000.	2005-2006
	Significantly reduces the parent contribution	Families earning between $45,000 and $60,000.
	Replaces loans with grants in the financial aid package	All students	2008-2009
	Eliminates the parent contribution	Families earning less than $60,000
	Limits the parent contribution to 1% to 10% of family income	Families earning more than $60,000 and less than $120,000
	Limits the parent contribution to 10% of family income	Families earning more than $120,000 and less than $200,000
	Increase grants to families with more than one child in college, limit tuition increases to the Consumer Price Index, reduce student contribution to $2,500 and shelter the first $200,000 of family assets	All families

Other colleges, such as Deep Springs, Webb Institute, Cooper Union, Curtis School of Music, Franklin W. Olin College of Engineering, College of the Ozarks and Berea College, don't charge any tuition, but they do charge for room and board, so loans are still required, just not as frequently or as much.

The Project on Student Debt's Financial Aid Pledges to Reduce Student Debt has a similar list of schools that have instituted policies to eliminate or limit debt in the financial aid packages of low and middle income students.

Increasing Competition Among Elite Colleges

The following histogram shows the number of colleges eliminating loans from the financial aid packages of low income students each year. It counts both colleges that first introduced such policies in the specified academic year as well as colleges that improved their policies.

1998-1999 1 1999-2000 1 2000-2001 0 2001-2002 1 2002-2003 0 2003-2004 1 2004-2005 2 2005-2006 4 2006-2007 8 2007-2008 19 2008-2009 34 2009-2010 9

To date, 67 colleges have adopted no-loans policies and 1 college has adopted a significant reduction in loans for low income students.