Williams College, the prestigious liberal arts institution in Williamstown, MA., will replace all ... [+]
Williams College announced today that beginning next semester its student financial aid packages would consist entirely of grants, resulting in it eliminating loans, required campuses employment, and summer jobs from its financial aid offers to students. The new policy applies to both current and future students.
The “all grant” program would be the first in the country, according to Williams’ announcement of the new policy, and it represents what the college called a major step toward the goal of “true affordability” for students receiving financial aid.
In 2021, Williams, located in Williamstown, Massachusetts, revised its financial aid methodology in order to reduce the out-of-pocket costs charged to students from many middle- and low-income families. According to the college, one in six Williams families saw their parental contribution decrease by $4,500 last year as a result.
The college said that its new all-grant program will benefit about 1,100 students with financial need - or roughly 53% - of its total 2,121 undergraduate student body. Middle-income families will receive about $35,000 in additional grant aid over the course of four years. Students from the lowest-income families, whose aid packages from Williams already excluded loans, will receive almost $16,000 in additional grants.
The policy is estimated to cost the college $6.75 million a year, raising its total financial aid budget to $77.5 million annually.
“Williams’ leadership in liberal arts excellence and affordability drew me here and inspires me every day,” said Williams President Maud S. Mandel in the announcement.
Mandel added, “our financial aid packages go so far beyond the cost of attendance, to look at the true cost of participation: all of our financial aid awards include free textbooks and course materials, health insurance, summer storage, funding for travel courses and internships and more. At a school graced with intellectually curious students, a superb program and generous alumni, the all-grant initiative combines these historic strengths in a way that equips our students to get the most out of their education.”
President Mandel also said that the new program would not preclude students from working on campus if they choose to. “The difference is that you will be free to choose the employment options that are right for your goals and will be able to keep your earnings for savings, family support or other needs.”
Williams, regarded by many as one of the nation’s top liberal arts colleges, has a tradition of promoting affordable education. It started a free textbook program in 1920. In the 1960s, it was among the first colleges to admit students on a need-blind basis and cover their full demonstrated financial need. It later employed what it calls a “need-seeking” approach, involving the aggressive recruitment and enrollment of students from low-income backgrounds.
Not surprisingly, students embraced the good news. “It’s great to hear that Williams is moving to all-grant,” said Williams junior Eunice Kim, who’s worked as a language lab monitor, admissions ambassador, research assistant, teaching assistant and grader during her three years on campus. “When I first got here I was eager to get into my studies, but needed to find a job to earn money. Now students like me will be able to dedicate those gained hours to classes, extracurriculars, friends… maybe even a little more sleep.”
