3 local colleges among 'no-loan' schools

PHILADELPHIA (WPVI) -- If you're looking for a really good deal on your college education, look no further than our area.

Kiplinger is out with its top ten list of great colleges that won't make you take out student loans, and three of the schools are in the tristate area.

In recent years, about six-dozen schools have adopted "no-loan" policies. That means their financial aid packages consist entirely of grants and scholarships, neither of which have to be paid back.

Now these programs don't eliminate loans altogether, since financial aid packages are based on a school's estimate of what a family can afford to pay. But at no-loan schools, the percentage of students who borrow is much smaller. And those that graduate with loans have balances that are below the national average.

The schools on Kiplinger's top ten list offer their no-loan policies to all undergrads who qualify for financial aid.

There are no income limits.

So which local schools made the list?

Princeton University was the first school to abolish loans from its financial aid package. And even among students who do borrow, the average debt is the lowest of all 300 schools ranked in Kiplinger's 2015 Best College Values.

Swarthmore College is also in the top ten. The school's generous financial aid awards reduce the average cost for students who qualify to about one-third of the sticker price.

And finally, the University of Pennsylvania also made the list.

Loans are still available for students who need money for expenses that aren't included in the standard cost of attendance, like health insurance.

Check out the full Top 10 list: http://www.kiplinger.com/slideshow/college/T014-S003-colleges-that-won-t-make-you-take-student-loans/index.html