Many universities are realizing the obscene amount of debt students are racking up as a result of going to university and thus have decided to do something about it. A recent article in the USA today describes how top tier colleges are attempting to ease the cost burden.
For example Harvard has followed the lead of many other fine academic institutions to reduce or eliminate the amount of loans a student can take out to attend university. In these fine institutions student loans have been replaced with a new way of financing the education of those who attend university.
Harvard encountered a decline in middle class student applications and decided to make it a more level playing field. Specifically, Harvard has recently began to allow students, who could not afford the opportunity to attend Harvard, the opportunity to attend without paying a penny in tuition based upon family income.
This is a step in the right direction, as it is one in which not only private institutions should adhere to but state schools should also heed the wisdom of helping those students prone to fall into a debt crisis.