Brown University wants to replace all loans in student aid packages with grants that do not have to be paid back, the school announced in a press release on Wednesday.

"We're committed to making a Brown education accessible to students from all income groups, so we can continue to accept the very best and brightest students from around the world," Brown President Christina Paxson said in the press release. "When students and their families are sitting at their dining room tables making decisions about where to apply to college, or whether to accept an offer of admission, we want them to know that Brown is an affordable choice."

The new policy aims to help students from "families with moderate income" who do not qualify for full financial aid packages but cannot cover the full cost of college on their own, according to the university's statement. Brown hopes to raise $30 million by December in order to eliminate loans starting in the 2018–19 academic year.