In 2009, Vanderbilt instituted a no-loan policy. The policy states that any student granted admission and a need-based aid package will have an award that includes no student loans.  In 2011, the Oakland Institute , an Oakland, California -based think tank, exposed Vanderbilt University's $26 million investment in EMVest Asset Management , a private equity firm "accused of ' land grabbing ,' or taking over agricultural land used by local communities through exploitative practices and using it for large-scale commercial export farming … in five sub-Saharan African countries, including Mozambique, South Africa, Swaziland, Zambia, and Zimbabwe."  The revelation made international headlines, with coverage in The Guardian , and led to student protests on campus in 2012.   By 2013, Vanderbilt administrators had caved in to the public outcry and divested from EMVest.