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(AP Photo/Steven Senne)

Brown University just made a big promise.

The Providence, Rhode Island Ivy League school announced today that it will eliminate student loans – and replace them with grants that do not have to be repaid.

As reported in The Hill, Brown will completely remove student loans from financial aid packages for Brown’s 6,500 current undergraduate students as well as future undergraduate students.

Were 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 a 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.

In addition to increasing its financial aid budget by $4.5 million each year, Brown will raise $120 million as part of its existing $3 billion fundraising campaign.

The ambitious goal is part of The Brown Promise: The Future of Financial Aid At Brown, which builds upon Brown’s need-blind admissions policy launched in 2003.

In June, through its "Go Blue Guarantee," the University of Michigan announced that it will provide free tuition beginning in January 2018 for up to four years for in-state students with family income of up to $65,000 and who meet other eligibility criteria.

In January, New York Governor Andrew Cuomo introduced the Excelsior Scholarship to offer free tuition at all New York’s public colleges and universities.