Bowdoin to eliminate loans in favor of grants

BRUNSWICK – Tuition costs at Bowdoin College are about to get more affordable for many students.

The liberal arts college in Brunswick announced Friday that it will eliminate loans and replace them with grants for all new and current students receiving financial aid beginning next fall.

Bowdoin is the latest liberal arts college – including several Ivy League schools – to adopt a no-loan policy in an effort to attract more students who otherwise can’t afford the high cost of college.

In Maine, Colby College announced last fall that it was eliminating loans from financial packages and replacing them with grants, but only for in-state residents.

Bowdoin President Barry Mills said the by converting loans to grants, Bowdoin will eliminate a heavy debt burden for students who are eligible. Forty percent of Bowdoin’s students receive some form of financial aid.