Carleton College, a private liberal arts college in Minnesota, has announced it will eliminate student loans from its financial aid packages, replacing them with grants and scholarships that do not need to be repaid. The change will apply to both new and current students. According to the college, one-third of every incoming class over the past decade has come from middle-income households, and those students will benefit most from the policy shift. The move reflects a growing trend among colleges seeking to reduce the burden of student debt on graduates.
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