Student Loans Get the Boot at This Elite School

The University of Chicago has joined a handful of other universities in eliminating student loans from its need-based financial aid packages. The school’s new “No Barriers” program will replace student loans with grants – which do not need to be repaid – and waive application fees for families seeking financial aid.

The university will also expand its scholarship program for “underserved and underrepresented groups,” simplifying the financial aid process.