. ▁The ▁G ates ▁Foundation ' s ▁College ▁Know ledge ▁Challenge ▁announced ▁College ▁Ab ac us ▁as ▁one ▁its ▁w inners ▁in ▁January ▁ 2 0 1 3 ; ▁the ▁$ 1 0 0 , 0 0 0 ▁grant ▁from ▁the ▁G ates ▁Foundation ▁will ▁enable ▁College ▁Ab ac us ▁to ▁expand ▁from ▁its ▁beta ▁version ▁with ▁ 2 5 0 0 + ▁schools ▁to ▁a ▁fully ▁compreh ensive ▁version ▁with ▁all ▁the ▁colleg es ▁and ▁univers ities ▁in ▁the ▁United ▁States . ▁ ▁Deb t ▁vs . ▁gr ants ▁ ▁No - lo an ▁financial ▁aid ▁In ▁ 2 0 0 1 , ▁Pr inc eton ▁University ▁became ▁the ▁first ▁university ▁in ▁the ▁United ▁States ▁to ▁eliminate ▁lo ans ▁from ▁its ▁financial ▁aid ▁packages . ▁Since ▁then , ▁many ▁other ▁schools ▁have ▁followed ▁in ▁elimin ating ▁some ▁or ▁all ▁lo ans ▁from ▁their ▁financial ▁aid ▁programs . ▁Many ▁of ▁these ▁programs ▁are ▁aim ed ▁at ▁students ▁whose ▁parents ▁ear n ▁less ▁than ▁a ▁certain ▁income ▁— ▁the ▁figures ▁vary ▁by ▁college ▁or ▁university . ▁These ▁new ▁initi atives ▁were ▁designed ▁to ▁attract ▁more ▁students ▁and ▁applic ants ▁from ▁lower ▁so cio e conom ic ▁background s , ▁reduce ▁student ▁deb t ▁loads , ▁and ▁provide ▁the ▁offering ▁institutions ▁with ▁an ▁advantage ▁over ▁their ▁riv als ▁in ▁attract ing ▁commit ments ▁from ▁accepted ▁students . ▁Most ▁students ▁prefer ▁no - lo an ▁financial ▁aid ▁as ▁a ▁way ▁to ▁rel ieve ▁the ▁amount ▁of ▁deb t ▁they ▁are ▁in ▁after ▁college ▁ ▁The ▁following