Archive for September 23rd, 2014

September 23, 2014

Which colleges meet full financial need?

by Grace

Only 62 colleges will meet 100% of a student’s demonstrated financial need.

Schools that meet 100 percent of need can use a combination of loans, scholarships, grants and work-study to fill the gap between the cost of attendance – tuition, fees, room, board and other expenses – and the expected family contribution, a number determined by the information you provide on the Free Application for Federal Student Aid, including tax data, assets and family size. ​

Of the 1,137 colleges and universities that submitted financial need data to U.S. News, just 62 of them cover full need.

Many of these schools rank high, with about one-third placing in the top 10 in their categories.

Among them are Princeton University and Williams College, ranked No. 1 among National Universities and National Liberal Arts Colleges, respectively.

Just three public schools are included on the list that meet full financial need.

  • University of North Carolina—Chapel Hill
  • University of Virginia
  • United States Merchant Marine Academy

Here’s an explanation of how “full financial need” is defined:

FULL-NEED SCHOOL — One that claims to meet the student’s full financial needs, defined as the Cost of Attendance (COA) minus the Expected Family Contribution (EFC). It is worth noting that many families are surprised to learn that the school’s determination of financial need is often lower than the family’s own assessment. Also, the school may decide that a loan “award” will be used to meet all or part of the student’s need.

The complete list of schools can be viewed at the U.S. News website.

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