Reducing debt burden
With the cost of higher education straining many family budgets, the University has developed new financial aid initiatives to help lower- and middle-income students. The Emory Advantage program will include loan replacement grants and loan caps.
“These new programs will make it possible for any qualified student to obtain the advantages of an Emory education, regardless of family background or circumstance,” says President James Wagner.
Students whose families have assessed incomes of $50,000 or less will graduate with no need-based loans from their undergraduate years. Students from families with incomes between $50,001and $100,000 will have their total need-based loan amount over four years capped at $15,000. The median income for a family of four in the United States is $65,000.
The University also is creating new Liberal Arts Scholarships for semifinalists applying for the long-standing Emory Scholars Program. Rising Emory sophomores and juniors who did not receive a merit scholarship coming from high school will be eligible for Dean’s Achievement Scholarships, based on academic achievement, leadership, and community service.
The University’s investment in these initiatives will be about $7 million per year.—M.J.L.