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Wesleyan University in Connecticut announced Thursday that it would eliminate loans from its financial aid packages, joining a select group of institutions that commit to meeting all students’ demonstrated financial need, beginning next fall.

President Michael S. Roth said that expanding Wesleyan’s “no-loan” policy from its current level—for students with family incomes under $120,000—would make the private university more affordable for middle-class families.

“We are improving the university’s financial aid offerings to be able to build and maintain a dynamically diverse community, including socioeconomic diversity,” Roth said.

There are roughly two dozen colleges in the U.S. that meet all students’ demonstrated need without loans.