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Date: 11/3/2021
NORTHAMPTON – Beginning with the fall 2022 semester, Smith College will eliminate loans from its undergraduate financial aid packages for students receiving need-based institutional grants, according to an email sent out by college President Kathleen McCartney.
The loans will be replaced with grants from college, and the “historic change” will affect currently enrolled first-year, sophomore, and junior students, as well as Ada Comstock Scholars and future students.
“This financial investment in our students advances the college’s goal to make a Smith education available to all qualified students regardless of family resources,” said McCartney in an announcement. “Eliminating loans from our aid packages also aligns strongly with our institutional commitment to racial justice and equity – given that, on average, Black and Latina/o students, at Smith and across the nation, graduate with more student debt than their peers.”
Additionally, incoming undergraduate students with an expected family contribution of less than $7,000, as determined by the college, will receive one-time “start-up” grants of $1,000, in addition to their financial aid packages. According to McCartney, approximately 21 percent of students will qualify for these grants. These changes will also begin in the 2022 fall semester.
On top of this all, the college is offering one-time launch grants of $2,000 to help them with costs of transitioning to life after college. These grants are specifically for seniors graduating in January or May 2022 who are receiving need-based institutional grants.
According to McCartney, the changes in the financial aid program represent a $7 million annual increase in the financial aid budget, therefore benefiting 60 percent of their students. Smith intends to award more than $90 million in financial aid next year.
These decisions are supported by the Smith College Board of Trustees. Board of Trustees chair Allison Overseth and McCartney co-chaired the Enrollment Working Group that recommended these improvements to the board.
“Eliminating loans from financial aid packages will enable Smith to recruit and enroll the best students, regardless of family resources, and enable future alums to begin their careers or continue their studies with their debts greatly reduced or eliminated,” said McCartney. “It also affirms our commitment to racial justice and equity. Going forward, we will continue to make student financial support our top priority.”