The University has reached its $30 million fundraising goal to carry out “The Brown Promise: The Future of Financial Aid at Brown” — an initiative to eliminate all loans from undergraduate financial aid packages, according to a University press release.
Now that the University has achieved this milestone, it will follow through with its plans to replace all packaged loans with grants for both incoming and current students for the 2018-19 academic year. A total of 2,087 donors — including alums, students, parents and friends of the University — pledged gifts ranging from $1 to millions of dollars, according to the press release.
The $30 million is part of a larger $120 million campaign meant specifically for the Brown Promise, The Herald previously reported. The University still needs to raise $90 million for the sustainability of the initiative, according to the press release. The financial aid budget will require an additional $4.5 million each year to fully fund the initiative.
Brown Promise will have an immediate and long term impact, said Dean of Admission Logan Powell. “The real impact will be felt next year and the years to come,” Powell said. “But certainly there will be students — prospective applicants — who see this news and see Brown’s commitment to affordability who now may be inspired to apply knowing that they can graduate potentially debt free.”
The plan targets the challenges faced by middle-income students who do not qualify for no-loan financial aid, but still require some form of aid.
“This is the next step in what is a long-time commitment to access and affordability,” Powell said.