The University of Chicago is taking matters into its own hands when it comes to making sure students graduate debt free.
The institution is creating “UChicago Promise program,” a initiative designed to assist students who attend high school in the city. Students will not only have all fees related to admissions waived, but will also not have any loans in their financial aid packages. These students will have packages that consist of grants and other aid that does not need to be paid back.
The program will begin with the 2013 incoming freshman class.
The move is a positive sign to readdress the dire situation in Chicago and encourage more students to attend college. The Chicago Sun-Times is reporting that the death toll in Chicago is currently 436 and has already surpassed last year’s tally. Higher education proponents believe that making education more affordable will deter young people from crime.
The program will also include a mentorship aspect to encourage students to remain in school.
“While the average debt for students at the University has been shrinking in recent years through programs such as the Odyssey Scholarship, UChicago Promise represents an important new step in driving down debt for our students from Chicago,” said University of Chicago President Robert J. Zimmer in a press release announcing the program.
The University of Chicago is perhaps the premier institution in the city — and also one of the priciest. One year at the institution costs $61,390. Tuition is $43,581 in tuition and fees; $13,137 for room and board; $3,679 for books and supplies and $993 for student life fees.
For more information on the program, head over to The University of Chicago.