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A Typology of Institutional Loan Replacement Grant Initiatives for Low- and Moderate-Income Students
- The Review of Higher Education
- Johns Hopkins University Press
- Volume 34, Number 4, Summer 2011
- pp. 611-655
- 10.1353/rhe.2011.0026
- Article
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In recent years, growing numbers of four-year institutions have implemented a new type of need-based financial aid policy directed toward low- and middle-income students. These initiatives—referred to here as Loan Replacement Grant (LRG) programs—greatly reduce or eliminate loans in student aid awards and replace them with grants. This paper establishes a LRG definition, summarizes 64 currently active programs, then classifies them according to a typology developed through an analysis of programmatic characteristics, producing eight distinct types. Presentation of the LRG definition, program specifics, and typology act to organize these proliferating need-based initiatives and will facilitate future research.