University replacing $16 million in loans with scholarships: "CHARLOTTESVILLE, Va. -- The University of Virginia will spend more than $16 million a year to replace loans with scholarships for poor and middle-income students, an initiative dubbed 'Access UVa' to ease the debt students carry from college.

The project, announced Friday, is the most expansive financial aid effort at a public university in the nation and rivals similar programs at elite private schools."