Davidson College, NC "The Davidson Trust"
Status: Initiated in March 2007
Source File: http://www3.davidson.edu/cms/x29226.xml
In March 2007, Davidson became the first college in the country to replace loans with grants in all of its financial aid packages. Before this initiative (named The Davidson Trust), Davidson students—like students everywhere else—received financial aid packages that included a mix of work-study and grants, as well as loans that had to be paid off within 10 years of graduation. Through The Davidson Trust, the college has increased the money it provides for grants in financial aid packages and eliminated mandatory loans. The Davidson Trust thus allows all students, regardless of socio-economic background, to graduate debt-free.
This historic action:
- allows the most talented prospective students from all backgrounds to imagine a high-quality education without the burden of debt;
- strengthens the academic experience of Davidson students, by expanding the type of perspectives voiced in the classroom;
- allows Davidson graduates to make career and life choices motivated by interest and passion, rather than financial compensation.
The Davidson Trust builds on a core value of the college—that a Davidson education should be available and affordable to all qualified students, regardless of means. It builds, too, on the college's Honor Code, which binds the community by encouraging responsibility and mutual trust.