15 Colleges that Offer the Best Financial Aid
College costs in the US can feel astronomical. According to the National Center for Education Statistics, 87% of first-year students relied on financial aid in 2019–2020. However, not all financial aid is created equal. Many prestigious private schools, with tuition fees reaching tens of thousands of dollars, leave students in debt despite receiving aid.
This raises the question: How can you find colleges that truly help students graduate debt-free? The answer lies with colleges that offer generous financial aid packages. This blog cuts through the clutter and shares 15 colleges with financial aid programs so generous that students can qualify for grants and scholarships exceeding $50,000.
Our rankings consider not just average financial aid packages (data from the National Center for Education Statistics, 2019–2020), but also a school’s reputation, academic excellence, and national standing.
15 Colleges that Offer the Best Financial Aid
This list explores 15 colleges known for their generous financial aid packages. This may include grants, scholarships, and work-study opportunities to help students afford their education.
| College | Location |
|---|---|
| Amherst College | Amherst, Massachusetts |
| Columbia University | New York, NY |
| Cornell University | Ithaca, New York |
| Harvard University | Cambridge, Massachusetts |
| Johns Hopkins University | Baltimore, Maryland |
| Massachusetts Institute of Technology (MIT) | Cambridge, Massachusetts |
| Northwestern University | Evanston, Illinois |
| Pomona College | Claremont, California |
| Princeton University | Princeton, New Jersey |
| Rice University | Houston, Texas |
| Stanford University | Stanford, California |
| University of Pennsylvania | Philadelphia, Pennsylvania |
| Washington University in St. Louis | St. Louis, Missouri |
| Williams College | Williamstown, Massachusetts |
| Yale University | New Haven, Connecticut |
1. Amherst College
Amherst College is known for its commitment to making a top-tier education affordable. They boast a need-blind admissions policy, which means financial need isn’t considered during the application process. This philosophy translates into generous financial aid packages.
The average first-year student receives $55,252 in aid. Amherst prioritizes grants and federal work-study programs, replacing loans with scholarships, so most graduates leave debt-free.
This commitment is further evidenced by their partnership with QuestBridge. It is a program that connects talented, low-income students with colleges. In fact, QuestBridge students make up over 10% of the Amherst student body.
2. Columbia University
Columbia University is committed to making education affordable for all admitted first-year and transfer students. They employ a “no-loan” financial aid policy, meaning your financial aid package will be designed to cover the full cost of attendance minus what you and your family are expected to contribute.
This shows their dedication to meeting 100% of your demonstrated financial needs. If your family’s income falls below $60,000, you won’t be expected to contribute at all. To help estimate your award, Columbia provides a financial aid calculator on their website.
3. Cornell University
Cornell University makes education accessible to talented students regardless of their economic background. Cornell practices need-blind admission, ensuring your financial situation doesn’t impact your admissions chances. They offer a generous financial aid program, meeting 100% of the demonstrated financial need for admitted students.
This means Cornell steps in to bridge the gap between a family’s contribution and the total cost of attendance. Statistics paint a clear picture. In 2021, the average need-based scholarship or grant awarded to first-year students was $54,352.
4. Harvard University
Harvard University challenges the stereotype of expensive Ivy League schools. They claim that 90% of American families will actually find attending Harvard more affordable than a public university. This is due to Harvard’s generous financial aid packages.
Harvard uses a need-blind admissions process, meaning financial need is not considered during admissions. Additionally, they commit to meeting 100% of a student’s demonstrated financial need.
This means that families with an annual income below $65,000 won’t be expected to contribute to the cost of attendance, and families between $65,000 and $150,000 will contribute a maximum of 10% of their income. To help estimate your individual aid package, Harvard even offers a financial aid calculator on their website.
5. Johns Hopkins University
Johns Hopkins University is well-known for its commitment to making its world-class education accessible through generous financial aid. They meet the full demonstrated financial needs of admitted students, meaning your financial background won’t be a barrier to attending Johns Hopkins.
In fact, 54% of first-year students in fall 2021 received a significant portion of financial aid. The average need-based scholarship or grant awarded to first-year students is substantial, at $54,405. This financial aid can be particularly helpful for students from low-income families. Johns Hopkins University met 98% of its students’ financial aid needs in the fall of 2021.
6. Massachusetts Institute of Technology (MIT)
Despite its high sticker price, the Massachusetts Institute of Technology (MIT) is committed to making education affordable for all admitted students. They offer a generous financial aid program, with an average first-year aid package of $50,785.
In fact, 60% of students receive need-based aid, which brings the cost of attendance down to what out-of-state students typically pay at public universities. MIT increased its scholarship funding to over $155 million in 2021–2022, making it possible for most students from families earning less than $90,000 to attend tuition-free.
For students from families with even lower incomes, the aid is even more substantial, with those earning less than $65,000 receiving an average scholarship of over $71,000.
7. Northwestern University
Northwestern University offers a generous financial aid program, with a significant budget of $207 million dedicated to scholarships and grants. This translates to a high acceptance rate for aid, with 61% of undergraduates qualifying for financial assistance.
Notably, over half of students receive scholarships directly from the university. Northwestern is particularly committed to supporting low-income students. More than 90% of students from families earning less than $120,000 receive aid, and the average aid package for the lowest-income students surpasses $74,000 per year.
Additionally, Northwestern has a policy of meeting all unmet financial needs without loans. This makes it a financially accessible option for a wide range of students.
8. Pomona College
Pomona College is a small liberal arts college in Claremont, California. It is recognized for its generous financial aid offerings. They practice need-blind admission, meaning financial need is not a factor in the admissions process, and they guarantee to meet the full demonstrated financial need of all admitted students.
To determine financial aid eligibility, Pomona considers a student’s household income and family circumstances. Their financial aid package typically includes grants and a student work-study allotment to help cover costs.
While loans are available, Pomona prioritizes grant aid to meet a student’s financial need. This translates into a significant financial aid benefit for students—roughly two-thirds of Pomona students receive financial aid, with over half receiving need-based scholarships. As a result, only about a third of Pomona graduates leave school with student loans.
9. Princeton University
Princeton University is renowned for its generous financial aid program, making it a top choice for students from a wide range of financial backgrounds. They practice need-blind admission, so your financial situation won’t affect your chances of getting in.
For those who qualify for aid, Princeton offers a very robust financial aid package. In fact, for the class of 2025, every student with a family income under $180,000 received aid. This aid can be particularly significant for students from low-income families.
For those with a family income under $65,000, the average grant is large enough to cover the full cost of attendance, including tuition, room, and board. The average first-year aid package is $52,437, making Princeton a very attractive option financially.
10. Rice University
Rice University is committed to meeting 100% of demonstrated financial needs, ensuring your financial background doesn’t hinder your chances of attending. Rice offers a generous financial aid package that can significantly reduce the cost of attendance.
For the fall 2022 entering class, Rice eliminated student loans from all financial aid packages, making their offerings even more attractive. This change applies to both domestic and international students.
Additionally, the Rice Investment Program provides substantial aid to low- and middle-income students. Full-tuition grants are now available to undergraduates with family incomes ranging from $75,000 to $140,000. Students from families with incomes between $140,000 and $200,000 are also eligible for significant scholarships that cover at least half of their tuition.
11. Stanford University
Stanford University, despite being one of the most selective universities in the country, is also known for its generous financial aid program. Stanford uses a need-based financial aid system to create aid packages. According to the university, over 95% of families making $215,000 or less receive scholarship aid.
In fact, the average financial aid package for families making under $65,000 exceeds $78,000. This means that for many students, Stanford can be an affordable option, regardless of their financial background.
The university reports that the class of 2023 received an average institutional scholarship worth $51,725, further contributing to making Stanford an accessible institution for qualified students.
12. University of Pennsylvania
The University of Pennsylvania (Penn) is committed to making its education affordable for all admitted students. They employ a need-blind admissions process for students from North America (including Canada and Mexico), ensuring financial aid doesn’t influence admissions decisions.
Their financial aid packages are generous, averaging $51,169 for first years, and entirely comprised of grants (scholarships and work-study funds) instead of loans. Recognizing that circumstances can change, Penn even reevaluates aid packages throughout a student’s enrollment to accommodate situations like family job loss or a sibling going to college.
13. Washington University in St. Louis
Washington University in St. Louis is becoming increasingly known for its commitment to affordability. They recently adopted a “no-loan” financial aid policy for undergraduates starting in the fall of 2024. This means instead of federal loans, WashU will use grants and scholarships to bridge the gap between the cost of attendance and a student’s demonstrated financial need.
WashU meets 100% of the demonstrated financial need for admitted students. This translates to generous financial aid packages, with the average need-based scholarship or grant awarded to first-year students exceeding $62,849. Additionally, 43% of first-year students in Fall 2021 received need-based financial aid.
WashU also offers merit-based scholarships that recognize academic achievement and specific talents. The average non-need-based scholarship awarded to first-year students is $26,310 (excluding athletic scholarships).
14. Williams College
Williams College boasts a “meet 100% of demonstrated need” policy. It means admitted students will receive a financial aid package that covers the full cost of attendance. Unlike many schools, Williams utilizes an all-grant financial aid system, eliminating loans and work-study expectations from their award packages. Furthermore, Williams provides free textbooks and course materials to all students receiving financial aid, which is a significant cost saver.
15. Yale University
Yale University is committed to meeting the full demonstrated financial needs of admitted students. This means they offer generous financial aid packages that replace loans with grants and scholarships. Their need-blind admissions process ensures that financial need isn’t a factor in the admissions decision.
To determine how much a family contributes, Yale uses a sliding scale. Families with lower incomes contribute less; for example, families making $75,000 or less per year are expected to contribute only 1% toward college costs.
This contribution expectation increases for families with higher incomes. According to Yale, all families with an income under $65,000 in the class of 2023 qualified for scholarship aid and received a median scholarship of nearly $77,000.
From the Desk of Yocket
Colleges with strong financial aid programs can be fantastic options, especially for students with financial needs. They can bridge the gap between the sticker price and what a student can realistically afford. This makes a quality education attainable. These schools understand the importance of affordability and invest heavily in student support. This fosters a more diverse student body and reduces the debt burden, allowing graduates to focus on their careers and future goals.
However, it’s important to remember that financial aid is just one factor in the admissions package. These colleges can be highly selective. The best college for you should also be a good academic and social fit. Don’t be afraid to consider colleges outside the rankings of “most generous aid.” You might find a hidden gem that offers an excellent education at a manageable cost, with or without a supersized financial aid package.
Frequently Asked Questions
What factors should I consider besides total financial aid?
Financial aid packages can vary greatly. Look at the net price (cost of attendance minus financial aid) and the types of aid offered (grants, scholarships, and loans). Grants and scholarships are preferable to loans, as you don’t have to repay them. Also, consider the graduation rate and average debt of graduates at each school.
How do I find out more about a specific college’s financial aid?
Most colleges have a dedicated financial aid website with information on scholarships, grants, net price calculators, and the FAFSA application process. You can also contact the college’s financial aid office directly.
Are there colleges that meet the full financial needs?
Yes, some colleges with high endowments practice “meeting full need.” This means they guarantee to cover the full cost of attendance for admitted students who demonstrate financial need.
Do I need good grades to get financial aid?
Merit scholarships often reward academic achievement, but many financial aid programs are need-based. This means they consider your financial situation to determine eligibility and award amounts. However, strong grades can never hurt and might make you a more competitive applicant for all types of aid.