Colleges replacing loans with no-pay grants for neediest students

More than 70 colleges have replaced loans with grants in financial aid awards, at least for their neediest students, a wave of largess that spread nationwide in 2007 and 2008. Now, some of the first students to benefit are graduating, often debt-free, reports the Washington Post. No-loan pledges effectively reduce the price of college to zero for a select group of disadvantaged students at elite national universities and liberal arts schools…

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