Students enrolled at the prestigious Ivy League institution, Brown University will no longer need loans to attend. Beginning in the 2018-2019 school year, students will be able to go to the University without the need to take on debt. Thanks to the Brown Annual Fund, whose goal of $400 million for the fund is almost half way home to date, with a total of $193 million in this new fund. The tuition help comes as part of the BrownTogether campaign, the campaign has raised $1.64 billion thus far. The school’s end goal is to reach $3 billion in funding to aid with teaching, research and financial aid for all enrollees unable to foot the tuition bill.
More than 2,000 donors comprised of Brown Alumni have donated amounts ranging from $1 to $1 million to the Brown Annual Fund. This move by Brown now makes college more accessible to lower income families who otherwise can not afford the cost of tuition or can help middle income families send their children to college without sacrificing every other aspect of their lives. The school is seeking to improve every aspect of Brown University. Not only are students realizing the benefits but so are faculty members as Brown has hired additional professors while erecting new facilities across campus.
About 70% of college graduates in the United States leave college with a degree and debt. While 44% of Americans hold a total of $1.4 trillion in student loan debt. While the majority of student loan debt holders hope to have their loans paid off by the time they hit their 40s, there are many that fear they will die in debt. The worst part is, not even debt clears a person's student loan burden.
The generosity of over 50,000 will change the trajectory of life for everyone who graces the campus of Brown University for many years to come thanks to BrownTogether. With 48% of the $400 million goal in hand, the hope is that other elite universities try to implement something similar to alleviate the student loan burden that cripples so many young adults. I hope Brown is at the forefront of a monumental shift in the way Americans institutions operate. This student debt crisis is unsustainable and many fear it could be the next bubble to burst.