Americans leave college today with more debt than ever before. Some schools are trying to reverse the trend by instituting a no-loans policy.
Most recently, Michael Bloomberg, the former mayor of New York City, announced he would give $1.8 billion to his alma mater, John Hopkins University, to replace loans with scholarship grants at the college. "It will ease the burden of debt for many graduates," Bloomberg wrote in an Op-Ed for the New York Times.
Student debt burdens Americans more than auto or credit card debt. The average graduate leaves school $30,000 in the red, up from $10,000 in the early 1990s.