Davidson's "Debt Free" Decisiontag:blogs.davidson.edu,2007:/debtfree/432007-04-23T15:52:27ZWe welcome comments about Davidson's commitment to ensure that a Davidson education is affordable for all students, regardless of means, and that all students have the opportunity to leave college with no debt.Movable Type 3.33Investigations of Financial Aid Officers and the Student Loan Industrytag:blogs.davidson.edu,2007:/debtfree//43.4292007-04-23T15:43:07Z2007-04-23T15:52:27ZThree financial aid directors began raising eyebrows in early April when reporters uncovered that the officials had recommended Student Loan Xpress, a for-profit company that provides student loans, to their prospective students after personally investing in the company, and profiting...Adam Martin
New York Times in the April 5 article "College Officers Profited by Sale of Lender Stock."
"Students rarely comparison shop and often rely on the preferred lenders list recommended by universities to take out a loan. Sometimes, only a handful of companies make the list," wrote Glater.
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Though Davidson has eliminated loans from its financial aid package, the college still has a list of "preferred lenders" for students ineligible for financial aid who would prefer to take loans as a way to finance their education. However, there are absolutely no financial ties between those preferred lenders and Davidson College employees or trustees.
YOUR Stories!tag:blogs.davidson.edu,2007:/debtfree//43.4122007-03-27T12:50:11Z2007-04-02T21:08:49ZHundreds of you have already sent personal emails to Davidson President Robert F. Vagt and other college administrators, explaining how college debts have burdened your families' lives and expressing your gratitude. Click below to read some of the responses. We...Adam Martin
Hundreds of you have already sent personal emails to Davidson President Robert F. Vagt and other college administrators, explaining how college debts have burdened your families' lives and expressing your gratitude.
Click below to read some of the responses. We also invite you to tell your story here, and let us know how college debt has influenced your life.
support this new policy, both for today and for future Davidson students with need.
From Nancy, a California mother with a college graduate with $46,000 in debt:
Our family cannot turn back the clock, but if we could, my daughter would be applying to your college today…. I don’t know if she will ever be able to pay these loans off…. I am so glad other families that graduate from Davidson will not have to endure this hardship and worry… I am on disability and we don’t have much revenue coming in, live month-to-month, but I am going to drop a check in the mail tomorrow to your school for $10.00 (and that is a lot for us). Kudos to Davidson.
From a Davidson Graduate, Class of 1981:
This is a defining move. Principled, courageous and visionary.
From a Davidson Graduate, Class of 1954:
As a poor preacher's kid who struggled through Davidson fifty years ago,
I cannot tell you how pleased I am that this policy has been adopted.
From a current Davidson Professor
As a student who benefited from the efforts of a college committed to my financial ability to obtain an excellent—and for my family expensive—education, I applaud Davidson’s commitment. If I had not gotten this kind of help, I would not have obtained the training and experiences that led to my becoming a faculty member at Davidson College.
From a Davidson Graduate, Class of 1994:
Please let me know if there is anything I can do to help… Davidson is making a very important commitment to enrich the lives of the students that will benefit.
Davidson invites you to extend your support by adding your stories and discuss with friends how you can help support similar actions to make high quality education something that provides freedom, not burden or regret.
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New York Times Column Denounces High Student Loanstag:blogs.davidson.edu,2007:/debtfree//43.4152007-03-23T15:19:53Z2007-03-29T13:54:36Z"Young men and women are leaving college with debt loads that would break the back of a mule," wrote New York Times columnist Bob Herbert in his March 22 op-ed "Stepping on the Dream" (subscription required)....Adam Martin
New York Times columnist Bob Herbert in his March 22 op-ed "Stepping on the Dream" (subscription required).]]>
National Center for Education Statistics. Across the country students currently borrow a total $53.8 billion per year to cover college costs.
"I’ve spoken recently with a number of law students who have already decided to go into corporate practice because their first choice — public interest law — would not pay enough to cover their loans. Many students have turned their backs on teaching for the same reason," said Herbert.
"At that stage of life, you shouldn’t have to choose between a job you would love and one that you would take simply because it would pay the bills. Talk about stepping on a dream."]]>
Ron Suskind Applauds Davidsontag:blogs.davidson.edu,2007:/debtfree//43.4112007-03-20T20:03:54Z2007-03-29T19:32:06ZPulitzer Prize-winning journalist and author Ron Suskind was on campus speaking about his book, A Hope in the Unseen: An American Odyssey from the Inner City to the Ivy League, a story that redefined national debates on achievement, race, and...Adam Martin
Ron Suskind was on campus speaking about his book, A Hope in the Unseen: An American Odyssey from the Inner City to the Ivy League, a story that redefined national debates on achievement, race, and class in higher education. About Davidson's decision, he said:]]>
A Hope in the Unseen was the summer reading for the class of 2007 as incoming students. Suskind's talk kicked off about two intensive weeks of events exploring issues of K-12 education and equity, organized by the 2006-2007 Engage for Change student initiative.]]>
The Buzz...tag:blogs.davidson.edu,2007:/debtfree//43.4092007-03-20T16:49:17Z2007-03-27T21:20:45ZClick to view a list of links to some of the national news stories covering Davidson's announcement to be debt free. Among them is National Public Radio, Washington Post, and Davidson's announcement was the fourth most-emailed news story in Yahoo...Adam Martin
Click to view a list of links to some of the national news stories covering Davidson's announcement to be debt free.
Among them is National Public Radio, Washington Post, and Davidson's announcement was the fourth most-emailed news story in Yahoo News. Not listed are hundreds of local papers that ran a follow-up article so that high school students are sure to hear the message.]]>
NPR - Morning Edition
FOX First television show - featured President Bobby Vagt EARLY in the morning.
AP Story (Below are a few of the papers that picked it up!)
Yahoo News Fourth Most Emailed Story (March 19)
USA Today
Guardian Unlimited (UK)
Washington Post
CNN
ABC
CBS
BusinessWeek
L.A. Times
Boston Herald
Houston Chronicle
San Diego Tribune
Inside Higher Ed.comBloomberg - also mentions Swarthmore and Williams, noting their inaction despite endowments three times the size of Davidson's.
The Chronicle of Higher Education (subscription required)
The Charlotte Observer - also covers UNC Chapel Hill "Carolina Covenant" program
WFAE (90.7) - Charlotte's NPR station
The State (South Carolina) - also mentions Furman
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Announcing! New Financial Aid Policy Eliminates Student Debttag:blogs.davidson.edu,2007:/debtfree//43.4082007-03-19T16:46:13Z2007-03-26T19:10:45ZIn an effort to make a Davidson education affordable for all students, the Board of Trustees has approved a new policy that will eliminate loans from financial aid packages. Beginning in August, Davidson students will have their demonstrated financial need...Adam Martin
In an effort to make a Davidson education affordable for all students, the Board of Trustees has approved a new policy that will eliminate loans from financial aid packages. Beginning in August, Davidson students will have their demonstrated financial need funded entirely through grants and student employment, and can graduate debt free.
Read the full story on Davidson's News site.
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