Paul L. Caron

Friday, February 24, 2012

62 Colleges Meet 100% of Students' Financial Need

U.S. News & World Report, Colleges That Claim to Meet Full Financial Need:

Among 1,171 institutions that reported the statistic to U.S. News, 62 colleges claim to have met, on average, 100% of their admitted full-time undergraduate students' financial need for fall 2010:

SchoolState U.S. News Rank, Category
Amherst College MA 2, National Liberal Arts Colleges
Barnard College NY 33, National Liberal Arts Colleges
Bates College ME 21, National Liberal Arts Colleges
Blessing-Rieman College of Nursing IL Unranked
Boston College MA 31, National Universities
Bowdoin College ME 6, National Liberal Arts Colleges
Brown University RI 15, National Universities
Bryn Mawr College PA 25, National Liberal Arts Colleges
California Institute of Technology CA 5, National Universities
Carleton College MN 6, National Liberal Arts Colleges
Claremont McKenna College CA 9, National Liberal Arts Colleges
Colby College ME 21, National Liberal Arts Colleges
Colgate University NY 21, National Liberal Arts Colleges
College of the Holy Cross MA 29, National Liberal Arts Colleges
Columbia University NY 4, National Universities
Cornell University NY 15, National Universities
Dartmouth College NH 11, National Universities
Davidson College NC 11, National Liberal Arts Colleges
Duke University NC 10, National Universities
Emory University GA 20, National Universities
Franklin W. Olin College of Engineering MA Unranked
Georgetown University DC 21, National Universities
Gettysburg College PA 47, National Liberal Arts Colleges
Grinnell College IA 19, National Liberal Arts Colleges
Hamilton College NY 17, National Liberal Arts Colleges
Harvard University MA 1, National Universities
Harvey Mudd College CA 18, National Liberal Arts Colleges
Haverford College PA 10, National Liberal Arts Colleges
Macalester College MN 25, National Liberal Arts Colleges
Massachusetts Institute of Technology MA 5, National Universities
Middlebury College VT 5, National Liberal Arts Colleges
Mount Holyoke College MA 29, National Liberal Arts Colleges
Northwestern University IL 12, National Universities
Oberlin College OH 24, National Liberal Arts Colleges
Occidental College CA 37, National Liberal Arts Colleges
Pitzer College CA 42, National Liberal Arts Colleges
Pomona College CA 4, National Liberal Arts Colleges
Princeton University NJ 1, National Universities
Rice University TX 17, National Universities
Scripps College CA 29, National Liberal Arts Colleges
Smith College MA 19, National Liberal Arts Colleges
Southern Arkansas University AR RNP, Regional Universities (South)
St. Olaf College MN 53, National Liberal Arts Colleges
Stanford University CA 5, National Universities
Swarthmore College PA 3, National Liberal Arts Colleges
Thomas Aquinas College CA 71, National Liberal Arts Colleges
Trinity College CT 37, National Liberal Arts Colleges
Tufts University MA 29, National Universities
Vanderbilt University TN 17, National Universities
University of Chicago IL 5, National Universities
University of North Carolina—Chapel Hill NC 29, National Universities
University of Pennsylvania PA 5, National Universities
University of Richmond VA 27, National Liberal Arts Colleges
University of Southern California CA 23, National Universities
University of Virginia VA 25, National Universities
Vassar College NY 14, National Liberal Arts Colleges
Washington and Lee University VA 12, National Liberal Arts Colleges
Washington University in St. Louis MO 14, National Universities
Wellesley College MA 6, National Liberal Arts Colleges
Wesleyan University CT 12, National Liberal Arts Colleges
Williams College MA 1, National Liberal Arts Colleges
Yale University CT 3, National Universities

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Actually, it's not about income redistribution. It's about capturing as much money as possible. So they charge a ton of money, allowing them to capture as much revenue as possible from rich, full-pay students and from the endowments that fund the grants that cover the low-income students' estimated need.

So they collect cash from upper-income families, from students future earnings (via loans), federal and state grants (Pell, etc), outside scholarships, and their restricted endowment funds and shift it all into their annual budgets, without having to turn away anybody (thanks to the variable pricing that results).

(And to answer one of the questions above, they base this need on the difference between the posted Cost of Attendance and the EFC calculated from the information gathered on the CSS Profile (or, in a few cases, from the FAFSA). The CoA includes room and board, books, and a number of other expenses.

Posted by: Greg | Feb 27, 2012 2:42:52 PM

Justin is right -- the evil 1%ers are going to foot the whole bill if their kids go to any of these schools. The lists I've been looking at lately are the schools that give full rides to kids with good grades and high test scores, regardless of parental income. Merit, not need.....

Posted by: jro | Feb 27, 2012 2:36:02 AM

All that list really means is the schools are willing to overcharge the high income parents so they can give other people's money to the low income students.

Posted by: Tom | Feb 26, 2012 12:04:09 PM

i noticed there was no gender/race breakdown on just what groups are gettng these handouts. think i know. the rest of us are racists/sexists i guess. and this is what passes for an education? sounds like the movie where the guy woke up in the future and everybody was dumb as he!!. presto - we are there.

Posted by: daveinga | Feb 26, 2012 11:04:37 AM

When our son was going to Washington University in St. Louis during the 90's my husband would go in to pay the semester fees in person. It was not easy for us to shoulder his college bills, especially since we had two in college at the same time but the other child went to a state school. Every time he came home from paying the tuition he would rant and rave as we were charged full amounts and the foreign students would be told they needed to pay $125. We sacrificed much to pay for the foreigners education and we didn't appreciate it. We were probably paying around $20,000 instead of the $125

Posted by: Joe Blow | Feb 26, 2012 10:15:45 AM

If you know a student with a technical aptitude and an interest in engineering, suggest the Webb Institute of Naval Architecture. Like the Ivy League and the academies, flunk a course and you are gone, but graduate and the rewards are great.

In the US there are as many vessels (ships and boats) as there are aircraft. Over 200 American colleges and universities offer degrees in aeronautical engineering, but only six offer marine engineering and naval architecture - Michigan, University of New Orleans, SUNY, USNA, MIT and Webb. Webb charges zero tuition, room and board. Every off session, employers line up to offer Webb graduates and undergraduates jobs.

Posted by: Arch | Feb 26, 2012 10:10:36 AM

My two sons were in college from 1984 to 1990. Andy was at Dartmouth and Fred, at Auburn.

I was a USAF major making about $55K. Dartmouth costs alone were $8K per quarter. Auburn was about half that. Dartmouth dreamed up the "D" plan to stretch resources when women were admitted in the 1970. Freshmen and seniors attended fall, winter and spring. Rising juniors attended summer quarter. At one point Andy took a two quarter internship in NYC then enrolled in 5 consecutive quarters! I retired from the military and took a job in aerospace and defense. For a decade we were still broke.

When Andy graduated in 1990, his $100K education landed him an ad agency job in the city making $15K. He's now a Senior VP doing well enough that his wife quit her $250K job to stay home with the children. Fred's education was a better deal.

Posted by: Arch | Feb 26, 2012 9:44:29 AM

FAFSA is a bit of a joke if you aren't practically poor. The EFC it computed for me was more than twice as much as I have available to spend.

Posted by: FuzzyFace | Feb 26, 2012 8:44:21 AM

"Mike, what schools "claim 100 percent of their students get jobs". I've never seen a statistic like that."

It's called "hyperbole" and it is taught in all your better book-cooking colleges. (Which is all of them...and 125% of law schools...)

Posted by: sc721 | Feb 26, 2012 8:39:53 AM

"what schools "claim 100 percent of their students get jobs". I've never seen a statistic like that."

I teach in a field where there is a shortage or our graduates. Over the past year every student except one who has graduated from our program has gotten a job, in the field of their choice (not McDonalds or such), or gone to grad school within 4 months of graduation. The one student did not apply for the internship positions that were available to get experience pregraduation, he graduated with around .02 above the minimum GPA required to graduate, and he was worthless in the classroom so I could not in good faith recommend him for any jobs. He is the only student who I have ever refused to provide a reference for from my department. He is not stupid and unlikable he is just the laziest person I have ever met.

I know that MIS, CS, Industrial Sales, and Telecommunications management are all in a similar situation in the Mid West but none of us can claim 100% of our students get jobs. We can claim that 100% of our "well-qualified" students get jobs but some people just are not mature enough to follow good advice when they are undergraduates. (Full disclosure, I was not mature and an undergraduate either. I had a great time but I to fail out and grow up before I took school serious.)

Posted by: Ross | Feb 26, 2012 8:19:56 AM the "US Unemployment Rate", "Financial Need" is a politically-constructed metric carefully designed by a corrupt institution to actively obscure reality.

In the case of the of the "Unemployment Rate", the Feds methodologically ignore new labor market entrants and the long-term unemployed (not in the "labor force", dontcha know...)

In the case of "Financial Need", I'm sure that a) it is wholly calculated based upon the colleges'/Feds' tortured definitions and b) those definitions are wholly designed to serve the interests of said colleges and Feds.

It ain't "Financial Need" as understood by any normal, non-admissions-type human being walking around without a multi-volume handbook.

Posted by: sc721 | Feb 26, 2012 8:14:38 AM

I bet they meet 100% of their students' educational needs, too.

Posted by: MrJohnGalt | Feb 26, 2012 8:07:42 AM

My friend's daughter attends Cooper Union. Friend says the school is in dire financial straits and will begin charging tuition starting with next year's incoming freshman class.

Posted by: Bonnie | Feb 26, 2012 8:03:51 AM

All this list means is that those schools authorized enough loans so that there was no "unmet need" in the FA calculation.

Posted by: Blue | Feb 26, 2012 7:52:07 AM

Add USNA, USMA, USMMA, USCGA, and USAFA to list. Whether or not they report to the list.

Posted by: Harold | Feb 26, 2012 7:47:33 AM

A students financial need is after the parents pay about 40% of net income each year based on FAFSA.

Posted by: Justin Case | Feb 26, 2012 7:45:23 AM

What is included in "all financial needs"? Tuition, obviously. Does it also include room? board? fees? supplies? What? And does it really include all admitted undergraduate students, regardless of need?

Posted by: Mary | Feb 26, 2012 7:43:51 AM

Mike, what schools "claim 100 percent of their students get jobs". I've never seen a statistic like that.

Posted by: anonymous | Feb 25, 2012 2:04:00 PM

What about Cooper Union?

Posted by: foggyworld | Feb 25, 2012 8:45:45 AM

I am surprised not seeing Berea College on the list. All needy students get complete scholarships, although all are required to work ten hours per week. It was founded in 1855 to educate poor youth in Appalacia (I believe by Cassius Clay, the abolitionist).

Posted by: Bill | Feb 25, 2012 5:59:31 AM

Are these the same schools that claim 100 percent of their students get jobs?

Posted by: mike livingston | Feb 25, 2012 2:45:53 AM