Some colleges are establishing programs that allow alumni to give back by funding student loans. These social finance programs are available now at 30 colleges including Columbia, Indiana University, Duke, and Boston College.
Money given by alumni can be used for student loans whose rates are 6.4%. Although loans have to be paid back, unlike grants, these loans are still less that private loans and even less than unsubsidized federal loans like the Stafford. Also, not only are alumni helping students directly, they will get paid back with interest.
Seems like a win-win situation all the way around. If your alumnus college has not started this program, it may be time to ask them to.