Emory University will eliminate need-based loans as part of undergraduate students’ financial aid packages and replace them with institutional grants and scholarships beginning this fall for the 2022-23 academic year.
This expansion of the Emory Advantage program will give more students the opportunity to graduate debt-free, reflecting the university’s commitment to making an Emory education accessible to talented students regardless of their financial resources.
The original Emory Advantage program started in 2007 to serve students from low-and middle-income families. The expansion of the program is expected to double the current number of undergraduate students whose need-based loans are replaced by grants at Emory, bringing the total to about 3,300 undergraduate students.
“For Emory to fulfill our mission of serving humanity in all that we do, we are continuing to invest in making an Emory education affordable to talented students of all financial backgrounds,” says President Gregory L. Fenves.
“By eliminating need-based loans for undergraduates, our students have the opportunity to earn their Emory degrees with less debt as they embark on their extraordinary journeys after graduation.”
When implemented in the fall, every undergraduate student who is eligible for institutional need-based aid will automatically be recipients of the expanded Emory Advantage program.
The expanded Emory Advantage program is just one aspect of Emory’s ongoing effort to support students. Emory currently awards about $143 million annually in need-based aid for undergraduate students.
Following the implementation of the expanded Emory Advantage program, the university is expected to award about $151 million annually in need-based aid for undergraduate students.
“By enhancing our original program to create the expanded Emory Advantage, we are fulfilling our promise to make Emory more affordable for middle-class and middle-income students and families,” says Ravi V. Bellamkonda, provost and executive vice president for academic affairs.
“I am proud of this investment, as it is consistent with our desire to have our students flourish academically and personally here at Emory and beyond. This is just one way Emory is striving for the special Emory experience to be accessible to all students, independent of their socio-economic status.”
To be considered for the expanded Emory Advantage program, undergraduate students and families must complete and submit the College Scholarship Service Profile (CSS Profile) and Free Application for Federal Student Aid (FAFSA). Emory uses this information to help determine a student’s eligibility for institutional need-based aid. Need-based aid considers how much a family is financially able to contribute to educational costs.
Eligible returning students will receive an email from the Office of Financial Aid within the next couple of days with more information. For additional questions, contact the Office of Financial Aid.
In all, Emory provides about $353 million each year for institutional grant and scholarship aid for undergraduate, graduate and professional students. In addition, students receive $9.7 million in federal grants and scholarship aid and $6 million in state grants. As a portion of the federal grants, Emory students receive $8 million in Pell grants.
