About Generosity: Which Colleges Offer the Most Free Money?

Hey ya'll, I'm in the process of narrowing down my list and finances are a huge factor. Are there colleges out there that have great financial aid policies or are known for giving a lot of scholarships?

Absolutely, some colleges are certainly more generous than others when it comes to financial aid and scholarships. One thing to keep in mind is that there are two main types of financial aid you might come across: need-based and merit-based.

Regarding need-based aid, some Ivy League universities like Harvard, Yale, and Princeton may provide substantial financial aid packages to students with family incomes below certain thresholds. At Harvard, for instance, families who earn less than $85,000 per year pay nothing towards the cost of attendance, while those earning between $85,000 and $150,000 contribute 0-10% of their income annually.

In addition, Stanford is noteworthy for its commitment to providing financial aid. If your family’s income is below $125,000 per year and you have assets totaling less than $300,000 (exclusive of retirement accounts), Stanford usually offers free tuition.

Outside of the Ivy Leagues, Vanderbilt University is also a standout because it practices need-blind admissions for all students, including international students. This means that your ability to pay the tuition fee will not factor into your admission decision.

Merit-based scholarships depend on academic, athletic, or artistic achievement, along with any other criteria set by the scholarship provider. For example, the University of Southern California offers half to full-tuition scholarships for students that rank in the top 1-2% of their class.

The University of Alabama is known for attractive merit scholarships, especially for National Merit Scholars. In-state residents who are National Merit or National Achievement Finalists receive a full-tuition scholarship for four years, while out-of-state residents also receive an additional annual stipend of $3,500 and a one-time allowance of $2,000 for use in summer research or international study.

Make sure to use the net price calculator of each school to get a more accurate estimate of how much it would cost you to attend. This calculator takes into consideration your family's financial situation, so you'll get a personalized estimate. Remember, however, that these are estimates and the actual amount may vary on a case-to-case basis.

Finally, always apply for external scholarships as well! While some of them may not offer large amounts, every bit can help in reducing your overall college expenses. Good luck with your college search!