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To fight student debt, Washington University in St. Louis introduces a “no-loan” scheme.

St. Louis, Missouri - 08.22.2021 - Brookings Hall on the Danforth Campus of Washington University in St. Louis. (Photo: IStock)

Washington University in St. Louis said in a news release on Friday that admitted students won’t need to rely on student loans for their expenses the following year.

Student loan, saving for school, university or college. (Photo: IStock)

According to Courier Tribune, After submitting an FAFSA application, students who are accepted into a private school and who are awarded need-based loans will have the loan amount changed with grants and scholarships.

The university’s move comes as students throughout the country consider federal initiatives to forgive some of their student debt.

Washington University Chancellor Andrew Martin said in the release, “We have worked hard to make good on our promise to remove financial barriers for all admitted undergraduate students, regardless of their socioeconomic circumstances. “We want to bring them here, take care of them while they’re here, and get them ready to achieve big things. They will now leave WashU debt-free after they graduate.

READ ALSO: Joe Biden’s Program For Student Loan Repayment Wanted To Be Blocked By Iowa Republican Senators

Washington University’s website states that its “no-loan” policy will only apply to students who can prove they have a financial need starting in the fall of 2024.

According to Missouri Independent, the program comes after the college’s autumn 2020 introduction of the WashU Pledge and its transition to “need-blind” undergraduate admissions in 2021, which excludes a student’s financial situation from admission decisions.

The WashU Pledge offers students from Missouri and sections of Illinois tuition, room and board, and fees.

According to Washington University, recent initiatives, such as the WashU Pledge, have improved the percentage of admitted students who are eligible for Pell Grants from 5% to 21% of the incoming freshman this year.

READ ALSO: IDEA Public Schools Educator Arrested For Alleged Relationship With A Student

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