Schools with the most generous financial aid tend to be costly private colleges that meet 100% of financial need with no loans for all or most students.
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Contributing Writer
An award-winning historian and writer, Genevieve Carlton, Ph.D., has published multiple scholarly articles and a book with the University of Chicago Press. She currently works as a writer and consultant. She holds a Ph.D. in history from Northwestern...
and
Reviewer & Writer
Mark Kantrowitz helps students and their families make smarter, more informed decisions about planning and paying for college. Mark has written five bestselling books about scholarships and financial aid and has also written for the New York Times, W...
Updated on May 9, 2024
Edited by
Higher Education Research Analyst
Lyss Welding is a higher education analyst and senior editor for BestColleges who specializes in translating massive data sets and finding statistics that matter to students. Lyss has worked in academic research, curriculum design, and program evalua...
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Fact-checked by Marley Rose
Learn more about our editorial process
By
Contributing Writer
An award-winning historian and writer, Genevieve Carlton, Ph.D., has published multiple scholarly articles and a book with the University of Chicago Press. She currently works as a writer and consultant. She holds a Ph.D. in history from Northwestern...
and
Reviewer & Writer
Mark Kantrowitz helps students and their families make smarter, more informed decisions about planning and paying for college. Mark has written five bestselling books about scholarships and financial aid and has also written for the New York Times, W...
Edited by
Higher Education Research Analyst
Lyss Welding is a higher education analyst and senior editor for BestColleges who specializes in translating massive data sets and finding statistics that matter to students. Lyss has worked in academic research, curriculum design, and program evalua...
•
Fact-checked by Marley Rose
Updated on May 9, 2024
Learn more about our editorial process
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Data Summary
-
Colleges offering the biggest financial aid packages include many costly private colleges like Yale, Dartmouth, Harvard, and Northwestern. -
All of these colleges meet full financial need and are among the most affordable options. -
Schools offering the most financial aid have no-loans financial aid policies for low-income students and some for all students. -
More than half of the students at these colleges receive need-based financial aid. -
All but two of these colleges do not consider need during admissions. -
Still, students should focus on net price when assessing college costs, which could be lowest at in-state public colleges.
The average cost of college continues to increase every year. The average college tuition is about $20,000 per year, but private four-year colleges typically charge much more. Additional costs, such as housing and meals, books and supplies, transportation, and other expenses, can come close to doubling the average cost.
Most students need financial aid to pay for college. Since government financial aid does not keep pace with increases in college costs, many students look for colleges with generous financial aid packages. About 70% of students receive some financial aid to help pay for college.
Some private colleges compensate for the higher costs by offering generous grants. Many of the most prestigious colleges have "no loans" financial aid policies that replace loans with grants and part-time student employment.
Featured Online Bachelor's Degree Programs
Learn about start dates, transferring credits, availability of financial aid, and more by contacting the universities below.
Most Generous Colleges and Universities for Financial Aid
According to data from the Integrated Postsecondary Education Data System (IPEDS), the following schools offer students the most generous financial aid packages.Note Reference [1]
1. Yale University
- Average Grant or Scholarship Aid: $63,520
- Percentage of Undergraduates Receiving Grants or Scholarships: 52%
- Average Annual Net Cost: $18,650
Yale promises to meet 100% of students' financial need without loans. The university's financial aid policies include need-based aid and admissions that don't consider need.
Yale uses a sliding scale to determine how much families are expected to contribute. Families making $75,000 or less per year are not expected to pay anything toward college costs. Families making $75,000-$200,000 annually are expected to contribute 1-20%, with the sliding scale rising for those with higher incomes.
According to the university, in 2023-2024, every student from a family making under $65,000 in income qualified for scholarship aid and received a median scholarship of nearly $84,200.
2. Dartmouth College
- Average Grant or Scholarship Aid: $62,290
- Percentage of Undergraduates Receiving Grants or Scholarships: 45%
- Average Annual Net Cost: $19,210
Ranked as New Hampshire's top college, Dartmouth does not consider need in college admissions and meets the full demonstrated financial need of all its enrollees. More than half of first-year students at Dartmouth receive financial aid.
Dartmouth's Zero Parent Contribution policy provides full-tuition scholarships and no loans for families with annual incomes less than $125,000 with typical assets.
At the same time, the college expects students to work summers to help cover their tuition costs. The school requires a minimum student contribution of $1,000-$3,000 per year, based on the student's summer earnings and part-time work during the academic year.
3. Harvard University
- Average Grant or Scholarship Aid: $61,800
- Percentage of Undergraduates Receiving Grants or Scholarships: 56%
- Average Annual Net Cost: $19,490
Harvard ranks among the most exclusive universities — and one with the most generous financial aid offerings. According to the university, it's more affordable than a public college for 90% of Americans, due to its financial aid packages. The Ivy League school does not consider need in admissions and meets 100% of demonstrated financial need.
Harvard does not expect families with an annual income below $85,000 to make any financial contributions. Those making between $85,000 and $150,000 are asked to contribute no more than 10% of their income.
Harvard's financial aid doesn't only extend to new students. Recently, Harvard created a "launch grant" initiative to help college juniors kick off their professional lives.
4. Northwestern University
- Average Grant or Scholarship Aid: $61,720
- Percentage of Undergraduates Receiving Grants or Scholarships: 50%
- Average Annual Net Cost: $22,100
The financial aid packages at Northwestern University meet full demonstrated financial need without any loans. This means that the financial aid offers include just grants and student employment. This "no loans" financial aid policy also has no income cutoff.
Northwestern does not consider financial need during the admissions process.
About 60% of undergraduate students receive financial aid at Northwestern, including 97% of families with income under $120,000.
Northwestern provides two financial aid calculators on its financial aid website to help applicants estimate their college costs after financial aid.
5. Colby College
- Average Grant or Scholarship Aid: $61,720
- Percentage of Undergraduates Receiving Grants or Scholarships: 41%
- Average Annual Net Cost: $16,950
The Colby Commitment means that students from families that earn less than $75,000 per year and have typical assets usually don't pay anything toward tuition. Colby caps parental contributions from families who earn less than $150,000 and have typical assets at $15,000 per year.
Colby College does practice need-aware admissions, meaning they assess prospective students' financial need before deciding to admit them. At the same time, 95% of families earning $200,000 or less qualify for financial aid. And, nearly half of first-year students at Colby College get some financial aid.
Online, Colby College's financial aid office offers two calculators that provide personalized estimates of the family's net college costs after financial aid.
6. Wellesley College
- Average Grant or Scholarship Aid: $61,330
- Percentage of Undergraduates Receiving Grants or Scholarships: 59%
- Average Annual Net Cost: $21,360
Wellesley College meets 100% of the student's demonstrated financial need. The school also does not consider need when reviewing applications.
Wellesley College eliminates loans for students whose families earn under $100,000 per year and caps family contributions at $28,000.
Other students may have loans in their financial aid package, but the loan amount is capped at $3,000 in the first year and $15,200 for all four years for students with financial need.
Wellesley's financial aid website has two financial aid calculators that calculate the net price, a personalized estimate of the college costs that remain after grants.
7. Columbia University
- Average Grant or Scholarship Aid: $61,060
- Percentage of Undergraduates Receiving Grants or Scholarships: 52%
- Average Annual Net Cost: $22,060
Columbia conducts a financial analysis to build students financial aid packages without having to rely on loans. The university promises to meet 100% of demonstrated financial need for first-year and transfer students.
Students with a family income of less than $66,000 are not expected to contribute toward college costs.
Interested in applying to this prestigious university? Check out tips from the school's admissions officers for getting into Columbia.
8. Stanford University
- Average Grant or Scholarship Aid: $60,620
- Percentage of Undergraduates Receiving Grants or Scholarships: 53%
- Average Annual Net Cost: $18,280
Stanford uses a need-based eligibility method to put together financial aid packages. Stanford reports that the need-based aid recipients in the graduating class of 2026 received an average institutional scholarship worth over $68,000.
According to the university, over 95% of families making $225,000 or less receive scholarship aid from Stanford. Families making under $75,000 receive an average of more than $86,000 in scholarships and grants.
We asked real Stanford students for their advice for getting into this top-rated school. Read their tips for getting into Stanford.
9. Wesleyan University
- Average Grant or Scholarship Aid: $59,830
- Percentage of Undergraduates Receiving Grants or Scholarships: 44%
- Average Annual Net Cost: $21,270
Starting in fall 2024, Wesleyan University has eliminated loans from its financial aid packages. The school will meet students' full demonstrated financial need with grants and work-study.
Wesleyan has need-aware admissions, so they consider a student's financial need when deciding whether to admit them. About half of the first-year students at Wesleyan University receive financial aid.
Wesleyan has a minimum student contribution of $2,000 for first-year students, which increases slightly in subsequent years. The minimum student contribution requirement is cut to $1,200 for students with a parent contribution of $10,000 or less.
10. Princeton University
- Average Grant or Scholarship Aid: $59,790
- Percentage of Undergraduates Receiving Grants or Scholarships: 61%
- Average Annual Net Cost: $18,700
Princeton does not consider financial need during admissions and offers need-based financial aid.
Every student with a family income of less than $180,000 qualifies for aid — covering at least 95% of tuition. Families with an income of under $65,000 received an average grant large enough to cover tuition plus room and board.
In the future, Princeton may become even more affordable. Starting in fall 2024, students from families making less than $100,000 a year will qualify for free tuition and room and board at Princeton.
For this report, we turned to the Integrated Postsecondary Education Data System (IPEDS)Note Reference [1] to collect data on:
- Schools' average need-based aid packages, rounded to the nearest $10.
- The percentage of undergraduates receiving grants or scholarships (including federal, state, and institutional grants) at each university.
- Schools' average net cost — in other words, the cost of one year of tuition and fees minus financial aid, rounded to the nearest $10.
We used information available from schools' websites to report on each school's specific financial aid practices.
25 Schools With the Best Financial Aid: Full List
| School | State | Average Financial Aid Package | Percentage of Students Receiving Aid | Average Annual Net Cost |
|---|---|---|---|---|
| Yale University | CT | $63,520 | 52% | $18,650 |
| Dartmouth College | NH | $62,290 | 45% | $19,210 |
| Harvard University | MA | $61,800 | 56% | $19,490 |
| Northwestern University | IL | $61,720 | 50% | $22,100 |
| Colby College | ME | $61,710 | 41% | $16,950 |
| Wellesley College | MA | $61,330 | 59% | $21,360 |
| Columbia University in the City of New York | NY | $61,060 | 52% | $22,060 |
| Stanford University | CA | $60,620 | 53% | $18,280 |
| Wesleyan University | CT | $59,830 | 44% | $21,270 |
| Princeton University | NJ | $59,790 | 61% | $18,700 |
| California Institute of Technology | CA | $59,190 | 57% | $20,760 |
| Amherst College | MA | $58,690 | 58% | $21,370 |
| Washington University in St. Louis | MO | $58,190 | 43% | $23,430 |
| Haverford College | PA | $58,000 | 45% | $23,480 |
| Pomona College | CA | $57,850 | 47% | $19,960 |
| Duke University | NC | $57,440 | 42% | $23,690 |
| University of Pennsylvania | PA | $57,180 | 46% | $26,120 |
| Williams College | MA | $57,120 | 45% | $20,970 |
| Middlebury College | VT | $56,640 | 51% | $22,180 |
| Webb Institute | NY | $56,290 | 100% | $19,740 |
| Brown University | RI | $55,850 | 46% | $26,720 |
| Washington and Lee University | VA | $55,570 | 61% | $24,730 |
| Berea College | KY | $55,300 | 100% | $2,020 |
| Colgate University | NY | $54,650 | 41% | $27,070 |
| Johns Hopkins University | MD | $54,410 | 62% | $24,030 |
Did You Know...
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Insider Advice on College Financial Aid: Know Before You Go
Colleges that offer the largest grants can still have high costs, resulting in higher net prices for students.
Below is some advice to take with you when navigating colleges' financial aid offerings.
- Compare college costs based on the net price, not just the sticker price or amount of grants. The net price refers to the costs that remain after subtracting the grants from the sticker price. The net price is the amount you'll have to pay from savings, income, and loans.
- The net price at an in-state public college could still be lower than the price at some of these colleges listed. A college with the highest financial aid may not have the lowest net price if its costs are also very high.
- Some other private colleges, like the Massachusetts Institute of Technology (MIT), did not make this list because their grants are not nearly as high, even though their net price is lower than many of these colleges.
- While these colleges promise to meet full demonstrated financial need, they may use a different definition of financial need than the one used by the federal government. For example, many of these colleges have a minimum student contribution or summer work expectation, setting a floor on the net price even for low-income students.
- Students can still borrow student loans at colleges with no-loans policies to cover their share of college costs. But, typically, they will graduate with less debt than at other colleges.
The bottom line: Focus on free money first, before relying on student loans. Student loans must be repaid, usually with interest. Scholarships can help pay for college costs, reducing debt at graduation.
Additionally, search for scholarships on free websites, like Fastweb.com and the College Board's Big Future. You can also use Google to search for scholarships that match your major and hobbies, but beware of scholarship scams. If you have to pay money to get money, it's probably a scam.
You can find information about financial aid from the U.S. Department of Education, by contacting a local college's financial aid office, and by asking your school counselor for help.
Best Online Colleges With Financial Aid
The schools listed in this report offer students the largest financial aid packages. At the same time, they're also prestigious, private universities that charge a pretty hefty price before aid.
If you're searching for even more affordable options — and degree programs you can complete from home — look no further than our list of the most affordable online colleges. We selected schools for this list based on their affordability, flexibility, and accessibility for online students.
- Integrated Post Secondary Education Data System. National Center for Education Statistics. Accessed February 2024. (back to footnote 1 in content ⤶)
