Schools that Meet 100% of Demonstrated Financial Need
What’s Covered:
- What Is Demonstrated Financial Need?
- Which Colleges Meet 100% of Demonstrated Financial Need Without Loans?
- Which Colleges Meet 100% of Financial Need Without Loans for Certain Income Thresholds?
- Which Colleges Meet 100% of Financial Need but Include Loans in Financial Aid Packages?
- What Else Do You Need to Know About Financial Aid?
For many families, one of the most stressful parts of college planning is anticipating costs. The average American family now pays more than $175,000 out of pocket for a degree from a private four-year college. This can seem like a nearly impossible financial burden for some families, but it’s important to remember that financial assistance is available, and it’s often based on need.
Some colleges promise to meet the financial needs of all accepted applicants, regardless of whether they are in-state, out-of-state, or international students. Keep reading to learn more about what it means to meet 100% of demonstrated financial need and to see which schools are able to offer this amazing benefit.
What Is Demonstrated Financial Need?
Demonstrated financial need is essentially how much financial assistance a family will need to cover the cost of attending college. This figure relies primarily on two separate data points—the FAFSA Student Aid Index (SAI) and the Cost of Attendance (COA) of that specific college.
In 2020, the FAFSA was reworked to make financial aid easier for students and families to understand. A figure known as Expected Family Contribution (EFC) was replaced by the Student Aid Index (SAI).
The SAI has a range of -1500 to 999999, with negative SAI values indicating higher financial need. This number essentially determines how much a family should be able to contribute towards tuition, as determined by the FAFSA. In general, the higher the family’s income and the more assets a family has, the higher the SAI will be.
The Cost of Attendance (COA) of a college is generally the total sticker price at that particular institution. This includes tuition, room and board, any necessary fees, and even essential personal expenses. Basically, it’s the all-in cost of attending that particular school for one full academic year.
Demonstrated financial need is the gap between the SAI and the COA. For instance, if a student’s SAI is calculated to be 10000 and the COA at the accepted student’s school of choice is $60,000, the demonstrated financial need would be calculated as follows:
Cost of Attendance (COA) – Student Aid Index (SAI) = Demonstrated Financial Need
$60,000 – 10,000 = $50,000
This demonstrated need is the amount the college will aim to cover with grants, loans, and work-study. Schools that commit to covering 100% of demonstrated financial need would then provide a financial aid package worth $50,000 per year in this case.
Note: a SAI of 0 or less qualifies a student for the maximum Pell Grant, assuming they meet all other eligibility requirements. If the calculated demonstrated need exceeds the COA (i.e., if the SAI is negative), the student will still only be eligible for the maximum Pell; there won’t be any extra beyond this maximum amount.
Which Colleges Meet 100% of Demonstrated Financial Need Without Loans?
|
School |
State |
Acceptance Rate |
|
Massachusetts |
9% |
|
|
Kentucky |
38% |
|
|
Maine |
7% |
|
|
Rhode Island |
5.65% |
|
|
Pennsylvania |
29% |
|
|
Maine |
7% |
|
|
Missouri |
15% |
|
|
New York |
5% |
|
|
New Hampshire |
6% |
|
|
North Carolina |
12.6% |
|
|
Georgia |
15% |
|
|
Iowa |
10% |
|
|
Massachusetts |
4% |
|
|
Maryland |
6% |
|
|
Massachusetts |
4.6% |
|
|
Illinois |
7% |
|
|
California |
7% |
|
|
New Jersey |
4% |
|
|
Texas |
8% |
|
|
Massachusetts |
22% |
|
|
California |
4% |
|
|
Pennsylvania |
7.5% |
|
|
Illinois |
4% |
|
|
Indiana |
9% |
|
|
Pennsylvania |
5% |
|
|
Colorado |
14% |
|
|
New York |
12% |
|
|
Maryland |
8% |
|
|
Tennessee |
4.7% |
|
|
Virginia |
13.6% |
|
|
Missouri |
12% |
|
|
Connecticut |
16% |
|
|
Massachusetts |
8.5% |
|
|
Connecticut |
4.6% |
*The Air Force, Military, and Naval academies are federal service academies, not typical colleges. They provide a full scholarship covering 100% of tuition, room, and board, with the “cost” to the student being a military service commitment after graduation.
Which Colleges Meet 100% of Financial Need Without Loans for Certain Income Thresholds?
|
School |
Income Threshold |
State |
Acceptance Rate |
|
Total income less than $200,000 |
New York |
17% |
|
|
Total income less than $75,000 with typical assets |
New York |
8.4% |
|
|
Total income less than $60,000 |
Pennsylvania |
13.3% |
|
|
Total income less than $200,000 with typical assets |
Pennsylvania |
29.5% |
|
|
Total income less than $60,000 |
Massachusetts |
10.8% |
|
|
California residents with total income less than $100,000 |
California |
11.4% |
|
|
California residents with total income less than $100,000 |
California |
44.6% |
|
|
California residents with total income less than $100,000 |
California |
28.7% |
|
|
California residents with total income less than $100,000 |
California |
9% |
|
|
California residents with total income less than $100,000 |
California |
95.1% |
|
|
California residents with total income less than $100,000 |
California |
87.1% |
|
|
California residents with total income less than $100,000 |
California |
28.4% |
|
|
California residents with total income less than $100,000 |
California |
38.3% |
|
|
California residents with total income less than $100,000 |
California |
72.7% |
|
|
Michigan residents with total income of $75,000 or less and assets below $75,000 |
Michigan |
18% |
|
|
Total income at or below 200% of the poverty guideline |
North Carolina |
15.6% |
|
|
Texas residents with total income less than $100,000 |
Texas |
65% |
|
|
Texas residents with total income less than $100,000 |
Texas |
99.9% |
|
|
Tennessee residents with total income less than $40,000 |
Tennessee |
42% |
|
|
Vermont residents with total income less than $100,000 and typical assets |
Vermont |
65% |
|
|
Total income less than $100,000 and calculated family contribution of less than $28,000 |
Massachusetts |
13.7% |
Which Colleges Meet 100% of Financial Need but Include Loans in Financial Aid Packages?
|
School |
State |
Acceptance Rate |
|
New York |
9% |
|
|
Maine |
15% |
|
|
Massachusetts |
13.9% |
|
|
California |
3% |
|
|
Minnesota |
20% |
|
|
Kentucky |
56% |
|
|
California |
9.6% |
|
|
Massachusetts |
18% |
|
|
Connecticut |
37% |
|
|
Colorado |
14% |
|
|
Ohio |
17% |
|
|
Pennsylvania |
32% |
|
|
Washington, D.C. |
13% |
|
|
New York |
13.5% |
|
|
California |
13% |
|
|
Ohio |
31% |
|
|
Minnesota |
29% |
|
|
Vermont |
13.9% |
|
|
Massachusetts |
5.2% |
|
|
Ohio |
34% |
|
|
California |
44.9% |
|
|
California |
26.8% |
|
|
Oregon |
25% |
|
|
California |
38% |
|
|
New York |
21% |
|
|
California |
80% |
|
|
Connecticut |
29% |
|
|
New York |
44% |
|
|
Virginia |
22% |
|
|
New York |
41% |
|
|
California |
10% |
|
|
Virginia |
17% |
|
|
New York |
19% |
|
|
North Carolina |
21.7% |
What Else Do You Need to Know About Financial Aid?
It’s important to realize that not all forms of financial aid offer the same benefits. That’s why we’ve taken the time to break down the schools above into three separate categories. Financial aid that consists entirely of grants and work-study programs is the most desirable form of aid since you don’t need to pay back the money awarded.
Many colleges provide low-interest loans as part of a financial aid package. While they may help cover the immediate expense of college, they can prove costly in the long run. According to the Education Data Initiative, the estimated average student loan debt for graduates of the Class of 2024 is $37,850.
Families should also know where to look for additional financial assistance. While federal institutional aid is a good start, many states also provide aid, and private scholarships are another option.
For more help navigating the process, don’t miss these CollegeVine resources:
- No-Loan Colleges: What They Are and a Complete List
- A Guide to Need-Blind Schools + A Complete List
- What Financial Aid Program is Offered in Your State
- Pell Grant Eligibility and Requirements: What Parents Need to Know
Now that you have learned about schools which meet 100% of financial need, you may be wondering about your odds of admission. CollegeVine is here to help! Our free chancing engine is able to predict your likelihood of acceptance at the colleges and universities listed in this post and hundreds more.
