Claremont McKenna to eliminate loans

Claremont McKenna College, part of the Claremont consortium of colleges, has announced that they are eliminating all loans from financial aid packages and replacing them with grants. Claremont McKenna has a relatively small endowment of $475 million and it is further encouragement that the move to reduce or eliminate loans is working its way down to colleges with smaller endowments. Of course, $475 million is still a very substantial endowment but it only ranks Claremont McKenna at number 146 on the NACUBO list of 2007 endowments.

Congratulations to Claremont McKenna in making this decision even with the endowment they have.