Emory University will cancel need-based loans as part of its undergraduate 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 Emory education available to talented students regardless of their finances.
The original Emory Advantage program began 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expansion of the program is expected to double the current number of undergraduate students whose need-based loans have been replaced by grants at Emory, bringing the total to approximately 3,300 undergraduates.
“For Emory to fulfill our mission of serving humanity in everything we do, we continue to invest in making Emory’s education affordable for talented students of all financial backgrounds,” said President Gregory L. Fenves.
“By canceling need-based loans for undergraduate students, our students have the opportunity to earn their Emory degrees with less debt as they embark on their extraordinary journeys after graduation.”
Upon implementation in the fall, every undergraduate student eligible for need-based institutional assistance will automatically receive the Extended Emory Advantage Program.
The Expanded Emory Advantage Program is just one aspect of Emory’s ongoing efforts to support students. Emory currently awards approximately $143 million annually in needs-based assistance to undergraduate students.
After implementing the Expanded Emory Advantage Program, the university is expected to award approximately $151 million annually in need-based assistance to undergraduate students.
“By strengthening our original program to create an expanded Emory Advantage, we are delivering on our promise to make Emory affordable for middle- and middle-income students and families,” said Ravi F. Belamconda, Vice President and Executive Vice President for Academic Affairs.
“I am proud of this investment, as it aligns with our desire for our students to thrive academically and personally here in Emory and beyond. This is just one way Emory strives to make the special Emory experience accessible to all students, regardless of their socioeconomic status.”
To be considered for the Extended Emory Advantage Program, undergraduate students and families must complete and submit a College Scholarship Service Profile (CSS file) and the Free Application for Federal Student Aid (FAFSA). Emory uses this information to help determine a student’s eligibility for need-based institutional assistance. Needs-based assistance takes into account the extent to which the family is financially able to contribute to the costs of education.
Eligible returning students will receive an email from the Financial Aid Office within the next two days with more information. For more questions, contact the Financial Aid Office.
Overall, Emory provides approximately $353 million annually in institutional grants and tuition aid to undergraduate, graduate, and professional students. In addition, students receive $9.7 million in federal grants and tuition aid and $6 million in government grants. As part of the Federal Scholarships, Emory students receive $8 million in Pell Scholarships.