Davidson says goodbye to loans (well, mostly)

Davidson may have lost in the first round of the NCAA tournament, but it is winning headlines with today’s announcement that it will eliminate loans from its financial aid packages. Effective this fall, students will no longer need to borrow to afford a Davidson education (but "families may still choose to take out education loans"). As the first small, liberal arts college to propose this, Davidson is taking the lead--we’ll see who, if anyone, follows.

In fact, "we'll see" is probably the best approach to the announcement. Some have applauded this, while others remain skeptical, wondering if there is another angle from which this isn't as generous or straightforward as it seems. I'm not willing to join either camp yet. As they say, the proof is in the pudding, and if Harvard's experience is any indication, Davidson should see pretty quickly if its new policy actually increases the number of low and moderate income students who apply and attend.