Some of the country’s top universities are now offering grants in financial aid packages instead of loans. Some of these colleges are private schools with hefty price tags such as Harvard and Duke. One notable example is University of Pennsylvania whose plan, according to the Boston Globe, includes: Expanding existing no-loan policy for low- and lower-middle income families to eventually include all undergraduates. Start date: Fall 2008, for families with incomes under $100,000. Fall 2009: For all income levels. Students who accept grants rather than loans will have an advantage when they graduate since they will not be burdened with as much debt.