Brown University is set to wipe out student loans and replace them with grants beginning next year after the Ivy League school reached a fundraising milestone.

Over the past three months, Brown raised more than $30 million to replace loans with scholarship funds for all eligible undergraduate students - both returning and incoming.

In September, the university launched an ambitious campaign to make itself more accessible to all students regardless of family income or socioeconomic background.

Brown President Christina Paxton calls the response from alumni "nothing short of phenomenal" and says the successful campaign allows the university to bring the best and brightest students to campus.

Paxton says Brown needs another $90 million to sustain the program.