QuestionI've heard of something called "no-loan financial aid." What does this mean and who participates?
No-loan financial aid programs are those which favor helping lower income students as much as possible. While student loans can be of great help if you are in the position to repay them later, lower income students may have a tougher time with this. As such, various schools have instituted policies specifying that students whose incomes fall within a certain range not be eligible for loans. This is actually helpful in the long run as these students do not have to worry about loan debt after college. Some schools that follow such guidelines include Rice University and the University of Pennsylvania.