In July 2007, Amherst announced that grants would replace loans in all financial aid packages beginning in the 2008-09 academic year. Amherst had already been the first school to eliminate loans for low-income students, and with this announcement it joined Princeton University, Cornell University and Davidson College, then the only colleges to completely eliminate loans from need-based financial aid packages. Increased rates of admission of highly qualified lower income students has resulted in greater equality of opportunity at Amherst than is usual at elite American colleges.