Davidson Will Eliminate Student Loans

Davidson College said it will become the first national liberal arts school in America to follow the lead of Ivy League universities such as Harvard and Yale by eliminating student loans from its financial-aid packages.

Davidson will help students pay costs with grants and jobs, starting in August. The shift will cost almost $2 million in the first year, the North Carolina school said yesterday. Universities previously began taking similar steps to attract more lower-income students and address criticism by members of Congress over the increasing cost of an education.