America’s most selective private colleges and universities just may be the best bargains for low-income students, according to a new report.
Generous financial aid programs are among the reasons some of the nation's most prestigious colleges are so affordable for low-income families, according to the report by HeyTutor, an online education firm.
"Students from low-income families should not be discouraged by high sticker prices at selective schools," the report said. "Often, these schools will be the most affordable option while providing more educational resources that will better prepare them for the future."
HeyTutor analyzed financial aid data for the 2016-17 school year, and college costs, to rank the nation's colleges on how affordable they are to families on the lower rung of the income scale.
The report also noted that, in many instances, lower-income families aren't aware that they could ultimately afford to send their children to prestigous schools if they were to be accepted.
"The main issue is that many low-income families do not understand the financial aid process," the report concluded.
The following 20 schools, in ascending order, were deemed by HeyTutor as the most affordable for low-income families:
20. University of Pennsylvania
Benjamin Franklin founded this Ivy League university in downtown Philadelphia. The annual cost of attendance is $69,880, but only 42 percent of the school’s undergraduates pay the full amount. Families earning $30,000 or less pay an average net price of $7,755, and those earning $30,001 to $48,000 pay $5,323.
19. Massachusetts Institute of Technology (MIT)
MIT is one of the most selective schools in the country, but 72 percent of undergraduates graduate debt-free. The annual price of attendance is $65,612, but only 16 percent of undergraduates pay it. Families earning $30,000 or less pay an average of $7,432, and those earning $30,001 to $48,000 pay $4,727.
18. Barnard College
Barnard admits only women, but it has a partnership with neighboring Columbia University, an Ivy League school in New York City. The annual price of attendance is $69,912, but only 50 percent of undergraduates pay the full amount. Families earning $30,000 or less pay an average of $6,225, and those earning $30,001 to $48,000 pay $6,207.
17. Colorado College
Nestled at the base of Pike Peak, Colorado College is a liberal arts college offering city life and outdoor recreation. The annual price of attendance is $66,124, but only 45 percent of undergrads pay the full amount. Families earning $30,000 or less pay an average of $5,659, and those earning $30,001 to $48,000 pay $7,729.
16. Vassar College
Co-ed since 1969, Vassar is one of the Seven Sisters, a group of historically women-only colleges. The published total price of attendance is $69,010, but only 24 percent of undergraduates pay that amount. Students and families earning $30,000 or less pay an average of $4,900, and those earning $30,001 to $48,000 pay $8,522.
15. Washington University in Saint Louis
“WashU” is a private research university known for its engineering programs, art and design school, and business school. The annual price of attendance is $68,531, but only 46 percent of undergraduates pay the full amount. Families earning $30,000 or less pay an average of $5,716, and those earning $30,001 to $48,000 pay $6,580.
14. Swarthmore College
Located in the Philadelphia suburbs, students attending Swarthmore can also take classes at nearby Seven Sisters college Bryn Mawr. The annual price of attendance is $67,110, but only 37 percent of undergraduates pay the full amount. Families earning $30,000 or less pay an average net price of $6,120, and those earning $30,001 to $48,000 pay $4,422.
13. Brown University
Located in Providence, R.I., this Ivy League school budgeted $135 million for need-based financial aid last year. The annual price of attendance is $69,010, but only 42 percent of undergraduates pay the full amount. Families earning $30,000 or less pay an average of $5,335, and those earning $30,001 to $48,000 pay $5,459.
12. Brigham Young University-Idaho
Founded by the Church of Jesus Christ of Latter-day Saints, BYU require students to follow a faith-based honor code. The annual price of attendance is $9,410, but only 39 percent of the school’s 51,881 students pay the full amount. Families earning $30,000 or less pay an average net price of $5,235, and those earning $30,001 to $48,000 pay $5,529.
11. Bates College
Bates College in Lewiston, Maine, is a liberal arts college with a rigorous academic program. The annual price of attendance is $67,620, but only 49 percent of undergraduates pay the full amount. Families earning $30,000 or less pay an average of $4,999, and those earning $30,001 to $48,000 pay $5,582.
10. Vanderbilt University
College basketball and football play a large part in student life at Vanderbilt University, located in the heart of Nashville, Tenn. The annual price of attendance is $64,542, but only 30 percent of undergraduates pay the full amount. Families earning $30,000 or less pay an average of $1,168, and those earning $30,001 to $48,000 pay $6,043.
9. Yale University
This Ivy League school was the first private research university in America to establish need-based financial aid. The annual price of attendance is $70,570, but only 41 percent of undergraduates pay the full amount. Families earning $30,000 or less pay an average of $4,978, and those earning $30,001 to $48,000 pay $4,392.
8. Williams College
Williams College, founded in 1793, is a prestigious liberal arts college in Williamstown, Mass. The annual price of attendance is $68,500, but only 38 percent of undergraduates pay the full amount. Families earning $30,000 or less pay an average of $2,780, and those earning $30,001 to $48,000 pay $3,798.
7. University of Chicago
The University of Chicago is a highly selective school known for its thought-provoking application essay questions. The annual price of attendance is $73,560, but only 39 percent of undergraduates pay the full amount. Families earning $30,000 or less pay an average of $3,620, and those earning $30,001 to $48,000 pay $2,289.
6. Washington and Lee University
Students that join Washington and Lee University’s investment society can manage $10 million of the Lexington, Va.-based university’s endowment. The annual price of attendance is $63,880, but only 36 percent of undergraduates pay the full amount. Families earning $30,000 or less pay an average of $496, and those earning $30,001 to $48,000 pay $3,298.
5. Princeton University
Founded in 1746, Ivy League Princeton University in the New Jersey town of the same name requires all undergraduates to write a senior thesis. The annual price of attendance is $63,850, but only 40 percent of undergraduates pay the full amount. Families earning $30,000 or less pay an average of $1,948, and those earning $30,001 to $48,000 pay $1,771.
4. Berea College
The Christian-affiliated Berea College is located in the Appalachian Mountains of Kentucky. The annual price of attendance is $32,994. While none of the school’s 1,670 undergraduates pay the full amount, all students must work a minimum of 10 hours per week as part of their aid package. Families earning $30,000 or less pay an average of $452, and those earning $30,001 to $48,000 pay $2,197.
3. Stanford University
Stanford University provides students with a college town atmosphere just 30 miles from San Francisco. The annual price of attendance is $66,184, but only 33 percent of the school’s undergraduates pay the full amount. The average student from a familiy earning $30,000 or less pays nothing, and those earning $30,001 to $48,000 pay $2,548.
2. Harvard University
Founded in 1636, Harvard University in Cambridge, Mass.,is the oldest university in the country, and one of the most selective. The annual price of attendance is $66,609, but only 28 percent of undergraduates pay the full amount. Families earning $30,000 or less pay an average net price of $632, and those earning $30,001 to $48,000 pay $632.
1. Duke University
Admission to Duke University in Durham, N.C., is highly competitive. The annual price of attendance is $69,558, but only 32 percent of undergraduates pay the full amount. Students from families earning $30,000 or less actually come out ahead by about $1,070 when aid for costs not included in the published price of attendance is considered. Families earning $30,001 to $48,000 pay an average net price of $827.
The full report can be viewed here.
