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September 21, 2017

Brown University says it will replace all undergraduate loans with grants that students won't need to pay off.

It's the Ivy League school's latest plan to make its education more accessible to all students, even those who think its $60,000 sticker price may be out of reach.

Today, only about 14 percent of Brown's undergrads come from low-income families.

Brown President Christina Paxson hopes to change that by raising more that $500 million dollars to support financial aid.

“We’re committed to making a Brown education accessible to students from all income groups, so we can continue to accept the very best and brightest students from around the world,” Paxson said in a press release.

The university in Providence says the grants will be available to students of next year's incoming class.

In 2016, about six dozen colleges, including the California Institute of Technology and the University of Vermont, reported they met the full financial need of domestic students regardless of their family's income.

Related: At Amherst College, Class Trumps Race In Diversity Search

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