Emory University announced today that it would replace loans with grants for qualifying students from families with annual incomes at or below $50,000. The new program stipulates that eligible students must be dependents, graduate in four years, and make a personal contribution to their education of $1,550 as freshmen, and $2,150 in every subsequent year.

While a growing number of both public and private institutions offer similar incentives for needy students, Emory has also added a loan-cap program for students with annual family incomes from $50,001 to $100,000. Under the program, the families of qualified students will not have to take out more than $15,000 in loans for the total cost of their education.

“Instead of going to zero contribution for low-income students, we’re using resources we have available to also address that middle-income category as well,” said James W. Wagner, Emory’s president. “We wanted to address the needs of that large group of students who describe themselves as ‘too rich for financial aid but too poor to attend our institution.’”

In addition to the need-based programs, Emory will expand its merit-scholar offerings with Liberal Arts Scholarships, available to exceptional entering freshmen who do not qualify for one of the 70 pre-existing scholarships available through the Emory Scholars program.

For students who are already enrolled, who did not qualify for merit-based scholarships as entering freshmen, but who have excelled in their academic and service pursuits while at Emory, the university will offer Dean’s Achievement Scholarships. All of the programs will begin this fall.