Schools that Meet 100% of Demonstrated Financial Need
What’s Covered:
- Want to know how much college will cost you?
- 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?
Want to know how much college will cost you?
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For many families, one of the most stressful parts of college planning is anticipating costs. The average American family now pays more than $150,000 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.
In fact, 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. To learn more about what it means to meet 100% of demonstrated financial need and which schools are able to offer this amazing benefit, don’t miss this post.
What is Demonstrated Financial Need?
Demonstrated financial need is essentially how much financial assistance a family will need to cover the cost of attending a college. This figure relies on two separate data points—a family’s expected family contribution, and the cost of attending that specific college.
The expected family contribution (EFC) is essentially 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 EFC will be.
The cost of attending (COA) a college is generally the total sticker price at that particular institution. This includes room, board, tuition, any necessary fees, and even essential personal expenses. Basically, it is the all-in cost of attending that school for one full academic year.
Demonstrated financial need is the gap between the EFC and the COA. For instance, if a family is expected to contribute $15,000 and the COA at the accepted student’s school of choice is $54,000, the demonstrated financial need would be calculated as follows:
$54,000 (Total COA) – $15,000 (EFC) = $39,000 Demonstrated Financial Need
Schools that commit to covering 100% of demonstrated financial need would then provide a financial aid package worth $39,000 per year in the case above.
Which Colleges Meet 100% of Demonstrated Financial Need Without Loans?
School Name |
State |
Acceptance Rate |
Massachusetts |
13% |
|
Maine |
9% |
|
Rhode Island |
6% |
|
New York |
4% |
|
North Carolina |
18% |
|
Iowa |
23% |
|
Massachusetts |
7% |
|
Maryland |
7% |
|
California |
7% |
|
New Jersey |
4% |
|
Massachusetts |
31% |
|
California |
4% |
|
Pennsylvania |
8% |
|
Illinois |
7% |
|
Pennsylvania |
6% |
|
Colorado |
11% |
|
Maryland |
8% |
|
Tennessee |
7% |
|
Virginia |
19% |
|
New York |
11% |
|
Connecticut |
5% |
Which Colleges Meet 100% of Financial Need Without Loans for Certain Income Thresholds?
School Name |
Income Threshold |
State |
Acceptance Rate |
Total income less than $150,000 |
New York |
17% |
|
Total income less than $60,000 and total assets less than $100,000 |
New York |
9% |
|
Total income less than $125,000 |
New Hampshire |
6% |
|
Total income less than $40,000, not expected to make any financial contribution |
North Carolina |
6% |
|
Total income less than $60,000. Families making more should expect loans ranging from $1,500 to $3,000 a year |
Pennsylvania |
18% |
|
Total income less than $150,000 with “typical assets” |
Pennsylvania |
31% |
|
Total income less than $130,000 |
Texas |
9% |
|
Total income less than $60,000 |
Massachusetts |
11% |
|
Total income less than $75,000 |
Missouri |
13% |
|
If family contribution is less than $7,000 and income is less than $60,000. Other students qualifying for financial aid can expect to have a maximum of $15,200 in loans over four years. |
Massachusetts |
20% |
|
|
Total income less than $120,000 |
Connecticut |
16% |
Total income less than $75,000 with “typical assets” |
Massachusetts |
8% |
Which Colleges Meet 100% of Financial Need but Include Loans in Financial Aid Packages?
School Name |
State |
Acceptance Rate |
New York |
11% |
|
Maine |
17% |
|
Massachusetts |
27% |
|
Pennsylvania |
38% |
|
California |
7% |
|
Minnesota |
21% |
|
California |
9% |
|
Maine |
8% |
|
Massachusetts |
15% |
|
Connecticut |
38% |
|
Colorado |
14% |
|
Ohio |
28% |
|
Pennsylvania |
35% |
|
DC |
12% |
|
New York |
14% |
|
California |
14% |
|
Ohio |
34% |
|
Minnesota |
31% |
|
Massachusetts |
4% |
|
Vermont |
16% |
|
Northeastern University (US only) |
Massachusetts |
21% |
Illinois |
7% |
|
Ohio |
36% |
|
California |
41% |
|
Claremont |
13% |
|
Oregon |
35% |
|
Claremont |
24% |
|
New York |
31% |
|
Connecticut |
36% |
|
New York |
43% |
|
North Carolina |
21% |
|
Indiana |
15% |
|
Virginia |
30% |
|
University of Rochester (does not include Eastman School of Music) |
New York |
29% |
California |
12% |
|
Virginia |
21% |
|
New York |
24% |
|
North Carolina |
32% |
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 are the most desirable forms 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 debt for graduates of the Class of 2021 is $36,900. This comes out to an average monthly student loan payment of $433.
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. Sign up for your free CollegeVine account today to find affordable schools that are the right fit for you.