Emory Advantage program eliminates loans for eligible undergrads

For many students, the cost of college is top of mind. After receiving their acceptance notifications, they face the task of wading through financial aid packages to balance their academic goals with what they can afford.

For those accepted to Emory, the university is working to make that process easier through the expanded Emory Advantage program. Emory meets 100% of demonstrated need for undergraduate students. Thanks to the program’s expansion in fall 2022, the university has now eliminated need-based loans as part of undergraduate students’ financial aid packages by replacing them with institutional grants and scholarships, which was made possible entirely due to endowment funding. The original program started in 2007 to serve students from low-and middle-income families.

Since the expansion of Emory Advantage, the impact has been dramatic. In its first year, aid expanded by nearly $9 million and an additional 1,867 students received aid. Further, Emory undergraduate students took out half the amount of federal loans during the 2022-23 and 2023-24 school years compared to the 2021-22 school year, dropping from $12 million to $6 million.

“This expansion basically doubled the number of students who are eligible for Emory Advantage,” explains John Leach, associate vice provost for enrollment and university financial aid.

For Georgia resident Makalee Cooper, it certainly made Emory stand out among other institutions.

Although she was accepted to another competitive university, “It was so expensive. They gave extra loans instead of financial aid,” she says. “There were so many schools that were immediately crossed off of my list, even though I got into them.”

As President Gregory L. Fenves said when the program expansion was announced: “For Emory to fulfill our mission of serving humanity in all that we do, we are continuing to invest in making an Emory education affordable to talented students of all financial backgrounds.

“By eliminating need-based loans for undergraduates, our students have the opportunity to earn their Emory degrees with less debt as they embark on their extraordinary journeys after graduation.”

An option that offers flexibility

Funded through endowment and operational funds, Emory Advantage is administered through the Office of Financial Aid and is available to all undergraduate students with financial need who are pursuing their first degree.

Students don’t need to fill out a separate application for the program. Instead, a student applies for financial aid through the College Scholarship Service (CSS) Profile and FAFSA, which are then evaluated by Emory to determine the financial aid package from the university.

For the 2023-24 school year, Emory University awarded $210.1 million in need- and merit-based scholarships and grants. Roughly 90% of that sum went to students seeking need-based aid.

Leach also points to the program as one reason that the 2023-24 applicant pool hit an all-time record. “Emory Advantage has certainly played a role in attracting excellent students of all financial backgrounds to Emory,” he says.

One such student is Ben Damon. Originally from Georgetown, Texas, Damon remembers being a high schooler unsure of his next steps.

“I applied to 17 or 18 different schools, casting a wide net. Emory was cool, and I loved the weather here, but more than anything I was attracted to Oxford College,” he says, pointing to the early access to leadership opportunities and tight-knit community available to first- and second-year students on Emory’s original campus before they transition to the larger Atlanta campus to complete their degrees.

When the acceptance letters began rolling in, Damon knew he had to think practically.

“Emory had the best financial aid package, and that was a huge deal to me, looking at the college and knowing I’d be able to afford it. The financial aid here has opened up a lot of doors for me.”

In addition to offering grants and scholarships, Emory utilizes the Federal Work-Study program to ensure students can cover the cost of attendance.

During his time at Emory, Damon has worked with the financial aid office through the Federal Work-Study program. “I’ve been able to meet so many people who are involved with Emory Advantage, and the attention they pay to students is stunning. I’m grateful that it’s available,” he says.

Now, Damon is heading into his senior year, double majoring in economics as well as philosophy, politics and law. “There are a lot of things I’ve been able to do that I wouldn’t have been able to consider without Emory Advantage,” he says.

In the summer before his junior year, for example, he needed to take a few classes. “Financing summer classes would’ve been a deal-breaker for me, and Emory was so accessible to work with and keep my major trajectory working.”

Making the future attainable

For Indar Ramlal, knowledge of Emory Advantage came after his acceptance notification.

“When I first got into Emory, it wasn’t even something I knew about,” Ramlal says. “During high school, I had an advisor who told me that Emory is a 100% need-met school, and I remember that’s what I was most worried about.”

Thanks to Emory Advantage, 52% of Emory undergraduate students receive grants and/or scholarships. Of the undergraduate students receiving financial aid, the median amount of assistance is more than $57,000 per year.

Ramlal, who grew up in Miami, Florida, visited Emory’s campus with his school in eighth grade. At the time, he thought he wanted to pursue medicine, and Emory became his dream.

By late high school, he had shifted his sights toward business and was thrilled to learn Emory has an excellent business school, too.

Even so, Ramlal knew he would rather go to a state school than graduate from his dream institution with a mountain of debt. Emory Advantage made the difference for him.

A 2024 graduate from the Goizueta Business School with a double major in marketing and international business, Ramlal explains that the value of the program has become even more apparent while searching for a job in a tumultuous market.

“It hit me afterward that if I had to pay this out of pocket, the entire process of job hunting would be 10 times more stressful.”

Ramlal held a variety of work-study jobs while at Emory, from working at the Student Center on Oxford’s campus to the VR lab on the Atlanta campus to, most recently, the Financial Literacy Office. Even those positions that didn’t directly relate to his future goals still offered useful skills.

“The dream job, so to speak, would be working for a major brand,” Ramlal says. “I’ve also thought a lot about working on the creative side of things, like at an agency.”

While Cooper, who also started her Emory education at Oxford College, isn’t yet in the job market, she’s also confident in her marketable skills thanks to Emory Advantage. For instance, having that financial support meant she could pursue passion projects, such as participating in Theater Emory, instead of working.

“I really just want to underscore how amazing I think Emory Advantage is, and how great I think it is that Emory has allowed so many people to receive this aid,” says Cooper, a theater and anthropology double major and rising senior who grew up in Valdosta, Georgia. “Just knowing the commitment to making education accessible — that’s how education should be.

“I don’t think that higher ed, especially at such an elite institution, should be something you can’t do because you can’t afford it,” she adds.

“If you can get in, you should be able to come here no matter what. This program allows students to do that, including me.”