Schools that Meet 100% of Demonstrated Financial Need

What’s Covered:

 

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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

Amherst College

Massachusetts

13%

Bowdoin College 

Maine

9%

Brown University

Rhode Island

6%

Columbia University

New York

4%

Davidson College 

North Carolina

18%

Grinnell College

Iowa

23%

Harvard University

Massachusetts

7%

Johns Hopkins University

Maryland

7%

Pomona College 

California

7%

Princeton University

New Jersey

4%

Smith College

Massachusetts

31%

Stanford University

California

4%

Swarthmore College

Pennsylvania

8%

University of Chicago

Illinois

7%

University of Pennsylvania

Pennsylvania

6%

US Air Force Academy

Colorado

11%

US Naval Academy

Maryland

8%

Vanderbilt University 

Tennessee

7%

Washington and Lee University

Virginia

19%

West Point 

New York

11%

Yale University 

Connecticut

5%

 

Which Colleges Meet 100% of Financial Need Without Loans for Certain Income Thresholds?

 

School Name 

Income Threshold

State

Acceptance Rate

Colgate University

Total income less than $150,000

New York

17%

Cornell University

Total income less than $60,000 and total assets less than $100,000

New York

9%

Dartmouth College 

Total income less than $125,000

New Hampshire

6%

Duke University 

Total income less than $40,000, not expected to make any financial contribution

North Carolina

6%

Haverford College

Total income less than $60,000. Families making more should expect loans ranging from $1,500 to $3,000 a year

Pennsylvania

18%

Lafayette College 

Total income less than $150,000 with “typical assets”

Pennsylvania

31%

Rice University

Total income less than $130,000

Texas

9%

Tufts University

Total income less than $60,000

Massachusetts

11%

Washington University in St. Louis 

Total income less than $75,000

Missouri

13%

Wellesley College 

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%

Wesleyan University 

 

Total income less than $120,000

Connecticut

16%

Williams College

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

Barnard College 

New York

11%

Bates College 

Maine

17%

Boston College

Massachusetts

27%

Bryn Mawr College 

Pennsylvania

38%

California Institute of Technology 

California

7%

Carleton College

Minnesota

21%

Claremont-McKenna College

California

9%

Colby College

Maine

8%

College of the Holy Cross 

Massachusetts

15%

Connecticut College

Connecticut

38%

Colorado College

Colorado

14%

Denison College

Ohio

28%

Franklin & Marshall College

Pennsylvania

35%

Georgetown University

DC

12%

Hamilton College

New York

14%

Harvey Mudd College

California

14%

Kenyon College 

Ohio

34%

Macalester College

Minnesota

31%

Massachusetts Institute of Technology

Massachusetts

4%

Middlebury College 

Vermont

16%

Northeastern University (US only)

Massachusetts

21%

Northwestern University

Illinois

7%

Oberlin College

Ohio

36%

Occidental College

California

41%

Pitzer College 

Claremont

13%

Reed College

Oregon

35%

Scripps College

Claremont

24%

Skidmore College 

New York

31%

Trinity College

Connecticut

36%

Union College

New York

43%

University of North Carolina — Chapel Hill 

North Carolina

21%

University of Notre Dame 

Indiana

15%

University of Richmond

Virginia

30%

University of Rochester (does not include Eastman School of Music)

New York

29%

University of Southern California

California

12%

University of Virginia 

Virginia

21%

Vassar College 

New York

24%

Wake Forest University

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:

 

 

 

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.


Short Bio
Georgetown University Class of '21. History major, minors in French and Russian. Passionate about writing and the human condition.

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