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12/12/07
Pomona College Replaces Loans with Scholarships, Eliminates Student Debt |
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Pomona College, one of the nation’s premier liberal arts
colleges, will eliminate loans in financial aid packages and
replace those amounts with scholarships, effective 2008-09.
The change will apply to both current and future students
and was approved by the College’s Board of Trustees on
Wednesday, Dec. 12, 2007.
“Pomona College has a long-standing tradition of
accessibility,” noted a pleased Pomona College President
David W. Oxtoby. “We already admit students without regard
to financial need and meet the full need of every accepted
applicant. This change will allow us to more directly
address misperceptions about the affordability of a Pomona
education and to remove any impact of student debt on
students’ career choices.”
Currently, 53 percent of Pomona’s students receive some
financial aid, with 10 percent of the current freshman class
already receiving financial aid packages with no loan
component. In 2007-08, Pomona will spend approximately $21.6
million of college funds on scholarships. The College
estimates that the new policy will cost an additional $2.3
million per year.
“The elimination of loans from financial aid packages is
another step in Pomona’s concerted efforts to ensure that a
Pomona College education remains accessible to and
supportive of all qualified students,” notes Patricia Coye,
director of financial aid.
In each of the last 20 years, more than 50 percent of Pomona
students have received financial aid. Since 1988, financial
aid packages for students with the most financial need have
not included loans during the students’ first two years of
study. For the last 5 years, Pomona College has increased
financial aid spending by $1 million or more each year.
In recent years, Pomona College has also increased its
recruiting efforts among high-achieving, lower-income
students. Additional admissions officers were hired to focus
on under-represented students and partnerships with the
Questbridge Program and the Posse Foundation were added to
longstanding relationships with A Better Chance, the Center
for Student Opportunity, College Match (Los Angeles), the
Fulfillment Fund (Los Angeles), Prep for Prep (NYC), Young
Black Scholars of Los Angeles, the Teak Scholars Foundation
(NY), and the local Bright Prospects Program, among others.
To reach out to the surrounding community, Pomona began its
own college prep program in 2003 for local, low-income high
school students, the Summer Scholars Enrichment Program. The
no-cost, four-year program provides a core curriculum
focused on math, critical thinking and writing skills,
taught by Pomona faculty, and workshops on admissions and
financial aid. Two classes of students have graduated
through the program, and all are now attending college.
Founded in 1887, Pomona College is one of the nation’s top
liberal arts colleges and the founding member of The
Claremont Colleges. Its hallmarks include small classes,
close relationships between students and faculty, and a
range of student research opportunities. For more
information on Pomona College, visit
www.pomona.edu.
2007-08 POMONA COLLEGE FACTS & FIGURES
Number of students: 1520
Tuition and room and board: $45,383
Percent of Pomona College students on financial aid: 53%
Average financial aid package: $33,500
Average scholarship: $30,500
Financial aid loan total for graduates limited to: $13,600
Estimated amount of college funds to be spent on scholarships: $21.6 million
Total Pomona College budget: $131.8 million
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