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University of Virginia replaces student loans with scholarships

The Associated Press reports that the University of Virginia has decided to spend more than $16 million annually to replace loans with scholarships for low- and middle-income students.

The project, called Access Uva, is the most expansive financial aid effort at a public university in the nation, according to the AP.
The Associated Press reports that the University of Virginia has decided to spend more than $16 million annually to replace loans with scholarships for low- and middle-income students.

The project, called “Access Uva,” is the “most expansive financial aid effort at a public university in the nation,” according to the AP.

Starting next fall, qualified incoming freshmen will see scholarships replace their need-based loans. The next year, other eligible students will receive enough money to prevent them from graduating with a debt load greater than the in-state cost for one year's education, or about $14,500.

While education leaders have praised the initiative, they warned they do not expect a major shift for institutions nationwide, most of which lack Virginia's $1.8 billion endowment.