How much has student loan indebtedness increased?
Students at the lowest income level, whose families cannot afford to contribute any dollars toward the cost of college, received about $2,000 in loans in 1999-2000. That meant loans made up about 15% of their total financial aid package. This year, those students receive about $5,000 in loans, and those loans represent nearly 30% of the total financial aid package. Why are you concerned about loan indebtedness? Our greatest concern is that the prospect of taking on debt to pay for college can discourage many students from participating, especially those from low-income families or families where the student is the first to attend college. Research has found that these families are much less comfortable borrowing money to attend college, and may not feel they have the resources to repay the debt. How will you determine which students get $500, $1,000 or $1,500 grants? It will depend upon the students financial need. The grants will be awarded on a sliding scale, with the full $1,500 gra
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