The 20 colleges that give the best financial aid, according to students
20. St. Olaf College
Annual tuition: $49,710
Average undergraduate need-based aid: $35,236
Share of undergraduates with loans: 64%
Located in Northfield, Minnesota, St. Olaf College has a student population of around 1,760. Despite a generous average financial aid award, 64% of students have taken out student loans, with the average graduate owing $29,907.
19. University of Wisconsin-Madison
Annual tuition: $9,273 (in-state); $36,333 (out-of-state)
Average undergraduate need-based aid: $12,751
Share of undergraduates with loans: 46%
Over 32,600 students are enrolled at the University of Wisconsin at Madison, where the annual tuition varies drastically for in-state versus out-of-state residents. Just under half of students (46%) take on loans, at an average of $5,446 per borrower.
18. Skidmore College
Annual tuition: $55,136
Average undergraduate need-based aid: $44,550
Share of undergraduates with loans: 42%
A campus of about 2,600 students located in Saratoga Springs, New York, Skidmore College provides $45 million each year in financial aid. Forty-two percent of students still take on loans though, with the average graduate owing nearly $25,000.
17. Colgate University
Annual tuition: $57,695
Average undergraduate need-based aid: $50,922
Share of undergraduates with loans: 32%
Nearly 3,000 undergraduates attend Colgate University in Hamilton, New York, which awards an average of about $55,000 in financial aid for freshman students. About one-third of students borrow from a loan program, as well.
16. Lehigh University
Annual tuition: $52,480
Average undergraduate need-based aid: $44,210
Share of undergraduates with loans: 50%
Exactly half of Lehigh University's 5,000 students have borrowed from a loan program at an average of $4,000 per student.
15. California Institute of Technology
Annual tuition: $52,506
Average undergraduate need-based aid: $47,564
Share of undergraduates with loans: 31%
Less than 1,000 students are enrolled at the California Institute of Technology, also known as Cal Tech, in Pasadena, California. For freshmen, the average financial aid awarded is $46,749.
14. Stanford University
Annual tuition: $52,857
Average undergraduate need-based aid: $50,542
Share of undergraduates with loans: 19%
Stanford University, a campus of about 7,000 undergraduates, awards an average of more than $50,000 per student with need-based financial aid. Graduates who borrowed money from a loan program owe $21,348, on average.
13. Wabash College
Annual tuition: $43,870
Average undergraduate need-based aid: $32,979
Share of undergraduates with loans: 91%
An all-male college in Crawfordsville, Indiana, Wabash College awards nearly $33,000 per student in need-based financial aid, on average. Still, 91% of the school's 882 students takes on loans, with the average graduate owing $34,723.
12. Williams College
Annual tuition: $56,970
Average undergraduate need-based aid: $55,621
Share of undergraduates with loans: 41%
Williams College, a campus of about 2,000 undergraduates in Williamstown, Massachusetts, awards an average financial aid package to freshmen just about equal to annual tuition at $56,933. The average graduate with student-loan debt owes about $15,500.
11. Reed College
Annual tuition: $58,130
Average undergraduate need-based aid: $39,913
Share of undergraduates with loans: 48%
Reed College, a liberal arts school in Portland, Oregon, provides over half of its 1,483 student body with financial aid, including grants, loans, and work opportunities, awarding a total of $39,913, on average.
10. Gettysburg College
Annual tuition: $56,390
Average undergraduate need-based aid: $37,831
Share of undergraduates with loans: 64%
In the 2017-18 academic year, Gettysburg College in Pennsylvania awarded $60.2 million in scholarships and grants. Sixty-four percent of students still borrow money, however, with the average student-loan debt owed at graduation topping $31,600.
9. Vassar College
Annual tuition: $54,410
Average undergraduate need-based aid: $49,190
Share of undergraduates with loans: 49%
Vassar College in Poughkeepsie, New York, is home to 2,456 undergraduates. The average freshman receiving need-based financial aid is awarded nearly $52,000, yet about half of the student body takes on loans.
8. Thomas Aquinas College
Annual tuition: $25,600
Average undergraduate need-based aid: $14,552
Share of undergraduates with loans: 73%
The intimate 400-student Thomas Aquinas College in Santa Paula, California, awards the average undergraduate need-based financial aid totaling $14,552. More than two-thirds of students borrow money from loan programs, averaging about $4,300 per loan.
7. Grinnell College
Annual tuition: $53,872
Average undergraduate need-based aid: $43,783
Share of undergraduates with loans: 60%
Grinnell College in Iowa awards an average of $39,468 per freshman receiving grants and scholarships. Just over 1,700 students are enrolled at the school, about 60% of whom take on loans.
6. Rice University
Annual tuition: $48,330
Average undergraduate need-based aid: $43,174
Share of undergraduates with loans: 24%
Rice University in Houston, Texas, is home to nearly 4,000 undergraduates, about one-fourth of whom take on student loans. The average graduate who borrowed money owes $24,635 after leaving the school.
5. Yale University
Annual tuition: $55,500
Average undergraduate need-based aid: $56,602
Share of undergraduates with loans: 16%
The share of Yale University students who borrow money from loan programs is the lowest among the schools on this list — just 16% of its 5,532-student population. Graduates leave the Ivy League school owing about $14,575 in total.
4. Princeton University
Annual tuition: $47,140
Average undergraduate need-based aid: $51,365
Share of undergraduates with loans: 18%
About 60% of Princeton University undergraduates receive financial aid and about 82% of students graduate with no student-loan debt. Notably, the average financial aid package exceeds the cost of tuition at $51,365.
3. Washington University in St. Louis
Annual tuition: $54,250
Average undergraduate need-based aid: $47,335
Share of undergraduates with loans: 27%
Students of Washington University in St. Louis who receive need-based financial aid are gifted an average of $48,522 in their freshman year. Of those who took out loans, the average debt amount owed at graduation is $22,555.
2. Vanderbilt University
Annual tuition: $50,800
Average undergraduate need-based aid: $49,614
Share of undergraduates with loans: 21%
Vanderbilt University in Nashville, Tennessee, is home to about 6,800 students. The school awarded financial assistance to 65% of students in the 2018-19 academic year, not including loans.
1. Bowdoin College
Annual tuition: $53,418
Average undergraduate need-based aid: $48,856
Share of undergraduates with loans: 27%
Just over 1,800 students attend Bowdoin College in Brunswick, Maine, a school that awards an average of $48,856 in need-based aid to first-year students.
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