A college education has great value – so why is it such a bad thing to take out some loans for something so important?
Substantial debt for new college graduates can limit their potential. The prospect of re-paying student loans can lead some accepted students to decline their offer of admission from Vanderbilt, even when Vanderbilt was their first choice. Also, undergraduate students with significant loan debt will often abandon dreams of future studies in graduate or professional school, or forego particular career choices. The need to pay off need-based student loans can become a real barrier to a desire to teach, or practice medicine in an underserved community, or work in a non-profit or service agency – among many other career choices. It is important to note that this initiative doesn’t make Vanderbilt cost-free. While Vanderbilt will replace need-based loans with grants/scholarships in financial aid packages, there will still be an expected family contribution for most students. Some families will choose to meet this contribution with loans. Likewise, some students may choose to take out loans
