New York-based a private liberal arts Union College is planning to make attending college affordable for all of its students.
On Monday, the college announced a scholarship for students whose families earn up to $250,000 per annum under the new Making U Possible Family Grants. They will be eligible to receive at least $20,000 in scholarship.
The college took the decision to include the latest income slab after finding limitations with the need-based system of awarding scholarships.
“The College recognizes that the methodologies to determine need-based aid have limitations, including a heavy reliance on home equity in determining a family’s contribution,” the college said in a release.
“In addition, the methodologies also ignore factors such as existing debt and recent changes in family income.”
The grants are part of Making U Possible: The Presidential Initiative for Scholarship and Immersive Excellence which was launched last year to make college accessible and affordable for students from all backgrounds. It also provides assistance towards mini-terms, terms abroad, internships and pre-orientation programs.
Currently, the cost of attention Union College is $71,385 for 2019-2020, which includes tuition, room, board, and mandatory fees. The Making U Possible Family Grants recipients also eligible for merit scholarships ranging from $15,000 to $20,000.
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