50 U.S. Colleges With the Most Generous Financial Aid Packages

When it comes to choosing an affordable college, sticker price can be deceiving. The cost of attending a college is just one factor that impacts what a student must pay or borrow to enroll. The financial aid package a college offers students to help cover educational expenses is just as important.

Our new study surveyed student aid awarded at 1,244 U.S. colleges to find the schools that offer the most financial assistance to students in need. We found that the average financial aid package offered to students with a financial need at U.S. colleges is an impressive $20,494.

Some colleges provide far more assistance than that, thanks mostly to institutional aid such as scholarships and grants. Here, we highlight the 50 top colleges in the U.S. that provide the most financial aid to their students who need help.

Key Findings

• The average value of financial aid packages was $47,895 among the top 50 schools. That’s more than 2.3 times the average among all 1,244 schools surveyed.
• The gap between aid packages charts with higher costs. The average annual tuition and fees across all 1,244 colleges was $24,042. Among the top 50 schools, the average was $49,702.
• All 50 of these top schools are private colleges or universities. Additionally, all Ivy League schools made the list, with Columbia University leading the pack by offering aid packages averaging $55,521.
• Of the top 50 colleges with the largest financial aid packages, 46 reported meeting the full demonstrated financial need for every qualifying student.

10 U.S. colleges awarding the most financial aid

For this study, we used data from Peterson’s to identify U.S. colleges offering the largest financial aid packages to students in need.

These financial aid packages include all forms of financial assistance awarded to students. The numbers reflect federal, college-provided, and private student aid. They also include gift aid, such as grants and scholarships, as well as federal and private student loans.

We also include the following stats for each school:

• Number of undergraduates receiving need-based gift aid, such as grants or scholarships
• The percentage of students whose full financial need is met by the college
• Annual tuition and fees

1. Columbia University in New York City

• Average financial aid package for students with financial need: $55,521
• Undergraduate students receiving gift aid: 2,973
• Students whose full financial need was met: 99%
• Annual tuition and fees: $55,056

As stated on its site, Columbia University meets 100% of the demonstrated financial need of its first-year and transfer students. Parents of families who have a combined income of less than $60,000 aren’t expected to contribute to the cost of attendance.

2. Yale University in New Haven, Connecticut

• Average financial aid package for students with financial need: $52,894

• Undergraduate students receiving gift aid: 2,732

• Students whose full financial need was met: 100%

• Annual tuition and fees: $49,480

On its site, Yale University says that it meets 100% of financial need without student loans. It puts its own average need-based scholarship at $49,575 for the 2017-2018 school year.

If a Yale student’s family has an annual household income under $65,000 plus typical assets, they’re not expected to pay any college costs out of pocket.

3. Williams College in Williamstown, Massachusetts

• Average financial aid package for students with financial need: $51,890

• Undergraduate students receiving gift aid: 1,014

• Students whose full financial need was met: 100%

• Annual tuition and fees: $51,790

Williams College is committed to meeting 100% of each student’s financial need, according to the school’s website. It awards over $50 million in institutional aid to its students each year.

4. Amherst College in Amherst, Massachusetts

• Average financial aid package for students with financial need: $51,775

• Undergraduate students receiving gift aid: 1,066

• Students whose full financial need was met: 100%

• Annual tuition and fees: $52,476

Amherst College is another school that seeks to meet 100% of both domestic and international students’ financial need. In fact, we included it in another report highlighting colleges that have the best financial aid packages.

Amherst College awards $50 million in scholarships each year. This help students pay for college while relying less on student loans. Seven out of 10 graduates in Amherst’s Class of 2017 graduated without student debt. Compare that to the 75% of students who did after graduating from a private nonprofit college.

5. Harvard University in Cambridge, Massachusetts

• Average financial aid package for students with financial need: $51,308

• Undergraduate students receiving gift aid: 3,687

• Students whose full financial need was met: 100%

• Annual tuition and fees: $47,074

Getting into this famed school can be hard enough. Fortunately, students get plenty of help figuring out how to pay for a Harvard University degree.

Roughly 6 out of 10 Harvard University students receive a need-based scholarship, the college reports. Students who come from a family with an annual income below $65,000 pay nothing out of pocket for their education. About 20% of students aren’t expected to contribute to their education.

6. Vassar College in Poughkeepsie, New York

• Average financial aid package for students with financial need: $50,820

• Undergraduate students receiving gift aid: 1,548

• Students whose full financial need was met: 100%

• Annual tuition and fees: $53,090

All Vassar College students with family incomes of or below $270,000 received gift aid of some kind this past academic year, according to the school.

Like other colleges on this list, it’s no accident that Vassar meets the full financial need for 100% of its students. Providing full aid is one of the college’s stated goals.

7. Webb Institute in Glen Cove, New York

• Average financial aid package for students with financial need: $50,710

• Undergraduate students receiving gift aid: 33

• Students whose full financial need was met: 89%

• Annual tuition and fees: $48,775

Webb Institute offers a full-tuition scholarship to all enrolled students who are U.S. citizens or permanent residents. This school of engineering also offers additional need-based aid to cover other attendance costs, such as room and board, which totaled $14,750 during the 2017-2018 school year.

8. Duke University in Durham, North Carolina

• Average financial aid package for students with financial need: $50,312

• Undergraduate students receiving gift aid: 2,651

• Students whose full financial need was met: 100%

• Annual tuition and fees: $51,265

Duke University also meets 100% of all admitted students’ financial need, according to its financial aid website.

Families with household incomes at or below $60,000 aren’t expected to pay college costs out of pocket. Even a student whose family is expected to contribute around $20,000 to college could still receive around $45,510 in need-based grants.

9. University of Chicago

• Average financial aid package for students with financial need: $49,967

• Undergraduate students receiving gift aid: 2,483

• Students whose full financial need was met: 100%

• Annual tuition and fees: $52,491

The University of Chicago offers to cover the demonstrated financial need for all students “through a combination of grants, scholarships, and work expectations.”

Of the University of Chicago’s 2016 graduates who left college with student debt, the average balance was a relatively manageable $23,852, according to Collegedata.

10. Colgate University in Hamilton, New York

• Average financial aid package for students with financial need: $49,912

• Undergraduate students receiving gift aid: 1,047

• Students whose full financial need was met: 100%

• Annual tuition and fees: $51,955

Of the average aid awarded to students who qualify for need-based assistance at Colgate University, just $2,500 comes in the form of student loans, according to the university’s website. The majority of aid ($46,775) came in the form of a school grant. The university is committed to covering the full financial need for every one of its students.

The 50 colleges that offer the most student aid

These private colleges offer competitive student aid packages despite high enrollment costs. Annual tuition and fees are over $47,000 for nearly all 50 colleges. Compare these costs to the average in-state tuition and fees at a public college, which comes to $9,970.

With such huge price tags, many students would struggle to afford these colleges on their own. Fortunately, these private colleges offer millions of dollars in institutional aid, grants, and scholarships to help cover costs. In fact, none of the top 50 colleges have financial aid packages below $45,000.

Below is a list of the 50 U.S. colleges that provide the largest financial aid packages, ranked by the size of the average financial aid package awarded.

How to get a bigger financial aid award

Overall, this study shows that a high price tag doesn’t always put a college out of financial reach for a prospective student. College applicants and students can take steps to try to access more aid.

First, weigh the pros and cons of applying early for college. Many of the colleges on this list set early decision deadlines in November for the following school year.

Applying early can give you an edge in getting admitted and receiving more financial aid. But applying through early decision could mean you’re committing to attend one college without having all the information on hand. And keep in mind that many of these colleges require additional forms, such as the CSS Profile, to apply for student aid.

Many colleges set their own definitions and methods for determining your financial need. That means you might qualify for more aid at one college than another. That’s why it’s important to use financial aid award letters to compare what each college can offer you.

The rankings in this study can also highlight colleges that go above and beyond to help students cover educational costs. If you’re considering one of these 50 colleges, you can feel confident that it’ll likely provide assistance to meet your need for student aid.

Need a student loan?

Lender	Variable APR	Eligibility
	2.49% – 13.85%1	Undergraduate Graduate	Visit College Ave
	2.55% – 11.44%2	Undergraduate Graduate	Visit Earnest
	3.25% – 13.59%3	Undergraduate Graduate	Visit SallieMae
	0.00% – 23.00%4	Undergraduate Graduate	Visit Edly
	3.25% – 9.69%6	Undergraduate Graduate	VISIT CITIZENS
	N/A6	Undergraduate Graduate	Visit FundingU
* The Sallie Mae partner referenced is not the creditor for these loans and is compensated by Sallie Mae for the referral of Smart Option Student Loan customers. 1 Important Disclosures for College Ave. CollegeAve Disclosures College Ave Student Loans products are made available through Firstrust Bank, member FDIC, First Citizens Community Bank, member FDIC, or M.Y. Safra Bank, FSB, member FDIC.. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply. As certified by your school and less any other financial aid you might receive. Minimum $1,000.   Rates shown are for the College Ave Undergraduate Loan product and include autopay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. Variable rates may increase after consummation.   This informational repayment example uses typical loan terms for a freshman borrower who selects the Deferred Repayment Option with a 10-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 8.35% fixed Annual Percentage Rate (“APR”): 120 monthly payments of $179.18 while in the repayment period, for a total amount of payments of $21,501.54. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary. Information advertised valid as of 9/15/2022. Variable interest rates may increase after consummation. Approved interest rate will depend on the creditworthiness of the applicant(s), lowest advertised rates only available to the most creditworthy applicants and require selection of full principal and interest payments with the shortest available loan term. 2 Rate range above includes optional 0.25% Auto Pay discount. Important Disclosures for Earnest. Earnest Disclosures Actual rate and available repayment terms will vary based on your income. Fixed rates range from 3.47% APR to 13.03% APR (excludes 0.25% Auto Pay discount). Variable rates range from 2.80% APR to 11.69% APR (excludes 0.25% Auto Pay discount). Earnest variable interest rate student loan refinance loans are based on a publicly available index, the 30-day Average Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York. The variable rate is based on the rate published on the 25th day, or the next business day, of the preceding calendar month, rounded to the nearest hundredth of a percent. The rate will not increase more than once per month. Although the rate will vary after you are approved, it will never exceed 36% (the maximum allowable for this loan). Please note, Earnest Private Student Loans are not available in Nevada. Our lowest rates are only available for our most credit qualified borrowers and contain our .25% auto pay discount from a checking or savings account. It is important to note that the 0.25% Auto Pay discount is not available while loan payments are deferred. 3 Sallie Mae Disclaimer: Click here for important information. Terms, conditions and limitations apply. 4 Important Disclosures for Edly. Edly Disclosures 1. Loan Example: Loans from $5,000 – $20,000 Example: $10,000 IBR Loan with a 7% gross income payment percentage for a Senior student making $65,000 annually throughout the life of the loan. Payments deferred for the first 12 months during final year of education. After which, $270 Monthly payment for 12 months. Then $379 Monthly payment for 44 months. Followed by one final payment of $137 for a total of $20,610 paid over the life of the loan. About this example The initial payment schedule is set upon receiving final terms and upon confirmation by your school of the loan amount. You may repay this loan at any time by paying an effective APR of 23%. The maximum amount you will pay is $22,500 (not including Late Fees and Returned Check Fees, if any). The maximum number of regularly scheduled payments you will make is 60. You will not pay more than 23% APR. No payment is required if your gross earned income is below $30,000 annually or if you lose your job and cannot find employment. 2. Edly Student IBR Loans are unsecured personal student loans issued by FinWise Bank, a Utah chartered commercial bank, member FDIC. All loans are subject to eligibility criteria and review of creditworthiness and history. Terms and conditions apply. 5 Important Disclosures for Citizens Bank. Citizens Bank Disclosures Variable Rate Disclosure: Variable interest rates are based on the 30-day average Secured Overnight Financing Rate (“SOFR”) index, as published by the Federal Reserve Bank of New York. As of September 1, 2022, the 30-day average SOFR index is 2.23%. Variable interest rates will fluctuate over the term of the loan with changes in the SOFR index, and will vary based on applicable terms, level of degree and presence of a co-signer. The maximum variable interest rate is the greater of 21.00% or the prime rate plus 9.00%. Fixed Rate Disclosure: Fixed rate ranges are based on applicable terms, level of degree, and presence of a co-signer. Lowest Rate Disclosure: Lowest rates are only available for the most creditworthy applicants, require a 5-year repayment term, immediate repayment, a graduate or medical degree (where applicable), and include our Loyalty and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Rates are subject to additional terms and conditions, and are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.   Undergraduate Rate Disclosure: Variable interest rates range from 3.25%-10.35% (3.25% – 9.69% APR). Fixed interest rates range from 4.24% – 10.59% (4.24% – 9.93% APR).  Graduate Rate Disclosure: Variable interest rates range from 3.75%-9.90% (3.75% – 9.68% APR). Fixed interest rates range from  5.22% – 10.14% (5.22% – 9.91% APR).  Business/Law Rate Disclosure: Variable interest rates range from 3.75%-9.35% (3.75% – 9.16% APR). Fixed interest rates range from 5.20% – 9.59% (5.20% – 9.39% APR). Medical/Dental Rate Disclosure: Variable interest rates range from 3.75%-9.02% (3.75% -8.98% APR). Fixed interest rates range from 5.18% – 9.26% (5.18% – 9.22% APR).  Parent Loan Rate Disclosure: Variable interest rates range from 3.25%-9.21% (3.25% – 9.21% APR). Fixed interest rates range from 3.96%-9.50% (3.96%-9.50% APR). Bar Study Rate Disclosure: Variable interest rates range from 6.58%-11.72% (6.58% – 11.62% APR). Fixed interest rates range from 7.39% – 12.94% (7.40% – 12.82% APR).  Medical Residency Rate Disclosure: Variable interest rates range from 5.67%-9.17% (5.67% – 8.76% APR). Fixed interest rates range from 6.99% – 10.49% (6.97% – 10.08% APR). 6 Important Disclosures for Funding U. Funding U Disclosures Offered terms are subject to change. Loans are made by Funding University which is a for-profit enterprise. Funding University is not affiliated with the school you are attending or any other learning institution. None of the information contained in Funding University’s website constitutes a recommendation, solicitation or offer by Funding University or its affiliates to buy or sell any securities or other financial instruments or other assets or provide any investment advice or service.