The question of how to pay for college is almost as important as finding the right college. However, perhaps a third question to ask is – “Where do you want to be financially after college?” After all, high student loan debt can inhibit your ability to accept lower paying, entry-level positions in your field, start a business or even buy a house.
With the national student loan debt over 1.45 trillion (and the average student carrying $37,000 of that amount), it is more important than ever to research cost-effective college solutions. Many colleges are expanding their efforts to provide student aid, with some universities fully meeting students’ needs. Essentially, these schools are covering the full cost of tuition and associated fees through grants, work-study, scholarships and federal student loans. In fact, over 3 dozen liberal arts colleges meet this need in full.
Following is a list of the liberal arts colleges that claimed to meet 100 percent of demonstrated financial need for full-time, degree-seeking undergraduates in fall 2016:
- Amherst College
- Barnard College
- Bates College
- Bowdoin College
- Bryn Mawr College
- Carleton College
- Claremont McKenna College
- Colby College
- Colgate University
- College of the Holy Cross
- Colorado College
- Connecticut College
- Davidson College
- Franklin & Marshall College
- Grinnell College
- Hamilton College
- Harvey Mudd College
- Haverford College
- Kenyon College
- Lafayette College
- Macalester College
- Middlebury College
- Mount Holyoke College
- Oberlin College
- Occidental College
- Pitzer College
- Pomona College
- Scripps College
- Smith College
- Swarthmore College
- Thomas Aquinas College
- Trinity College (CT)
- Union College
- University of Richmond
- Vassar College
- Washington and Lee University
- Wellesley College
- Wesleyan University
- Williams College
Typically, the amount you can pay for college is determined by the information you provide on the Free Application for Federal Financial Student Aid (FAFSA) website and the CSS Profile. The college will consider your family’s tax data, size and assets, and require follow-up information when reviewing your request. If the numbers come back not as favorable as desired, you have the option to appeal a decision.
Each school has its own criteria for considering what “demonstrated financial need” means and financial-aid packages vary between the different universities.
Let’s say you apply to Amherst College, and after submitting the FAFSA, it is determined that your family can cover $20,000 of the $54,000 tuition. According to the college’s financial-aid page on its website, it uses scholarships and grants, rather than loans, to cover the additional tuition. Thus, the school will compensate by offering $34,000 in aid.
Other sources of aid may come from the state in which you live or a non-profit or for-profit organization. Also, consider looking at schools that meet most of the financial need for students, with rates of more than 90 percent. The College Board website contains financial-aid statistics for each school.
Colleges are either need-blind or need-aware when determining admission. Need-blind colleges do not consider your ability to pay for tuition, while need-aware schools factor this into consideration. No matter the type of school, it’s a competitive process to win full financial-aid packages, especially at schools where a high number of students are vying for acceptance.
No matter what college you choose, be sure to begin the financial-aid process early. Also, remember to factor in additional costs, such as housing or travel, when looking at prospective colleges.
