Big gift to UCLA pushes program aimed at removing need for student loans

UCLA announced an effort Wednesday to raise funds for student scholarships as part of a larger goal of creating debt-free education by 2030 by removing the need for student loans, The Orange County Register reported. The move is driven by a $15 million donation.

The UCLA  Affordability Initiative was unveiled thanks to the gift of real estate investor and UCLA graduate Peter Merlone, according to the newspaper.

“UCLA was founded on the notion that access to a top-tier education should be available to talented individuals of all backgrounds and financial means,” Chancellor Gene Block said in a statement. “Peter Merlone’s gift, and the UCLA Affordability Initiative as a whole, will help us preserve our ability to attract stellar students from across the state — and set them up for success after graduation.”

According to the university, traditional discussion of college affordability generally focuses on the cost of tuition, while overlooking ancillary costs such as housing, books, food, transportation, and other expenses, the newspaper reported.