The number of colleges getting rid of student debt is growing

More colleges are eliminating student loans from their financial aid packages in favor of scholarships and grants. Eric Raptosh Photography/Getty Images Carleton College announced it is eliminating student loans from its financial aid packages. It joins a growing list of schools replacing student loans with grants and scholarships. The move is an effort to curb the spiraling student-debt burdens affecting millions of Americans. More colleges are reducing the burden of student loans after graduation. Carleton College, a private liberal-arts college in Minnesota, recently joined the list of schools eliminating student loans from their financial aid packages, instead offering students grants and scholarships that do not need to be repaid. In its announcement , Carleton said that one-third of every incoming class over the past decade has come from middle-income households, and those students will benefit most from eliminating student loans.