“Thanks to this extraordinary investment by our community, students can prepare for lives of impact with fewer constraints,” Dartmouth President Philip J. Hanlon said in a statement.
Dartmouth previously eliminated the loan requirement for undergrads from families with an annual income of $125,000 or less. That will now be extended to families making more than $125,000 or less who receive need-based aid, the release said.
The transition to a “no loan financial policy” will benefit students from middle-income families, the release said. The initiative is “the culmination of a remarkable series of achievements that have transformed Dartmouth’s financial aid resources and policies over the past year, propelled by more than $120 million in scholarship gifts and pledges to the endowment since September 1,” the release said.
“More than 65 families supported the campaign goal to eliminate loan requirements from Dartmouth’s undergraduate financial aid awards, committing more than $80 million in gifts to the endowment,” the release said.
An anonymous donor committed $25 million to complete the campaign, which was “one of the largest scholarship endowments in Dartmouth history,” the release said.
“When I think of the exciting and transformational opportunities now available to these students without this financial barrier, I believe it’s one of the most meaningful achievements of the campaign,” Dartmouth alumna Ellie Loughlin said in a statement.
CNN’s Katie Lobosco and Kevin Liptak contributed to this report.