Oct 19, 2020
Part 1: Middle-Class Families CAN Go to College for Free!
This article was originally published on Socratic Summer Academy’s blog.
- Using College Board’s financial aid data is vital — we’ll walk you through it!
- The best place to look for colleges that provide full financial aid is the US News and World Report.
- How can middle class families get a full ride? Or full tuition? What’s the difference?
- List of colleges that provide full financial aid.
- Step-by-step: how to check how much financial aid a school typically provides.
- Get a prediction of how much financial aid YOUR family will get!
- Read more college admissions tips on our blog!
Frustrated That You Can’t Get Financial Aid But Can’t Afford to Pay Full Price?
The three biggest myths about financial aid:
- FALSE: Public colleges are cheaper than private.
- FALSE: I am middle class, so I won’t get any financial aid.
- FALSE: There’s no way to know my financial aid package from a college before I apply.
What colleges meet 100% of need — meaning they pay everything that (the FAFSA says) you can’t afford?
Prestigious schools like Harvard and Stanford meet 100% of need — selective, private colleges with large endowments! Public universities often don’t meet nearly as much need — look at the differences between Harvard and SUNY Binghamton (data from bigfuture.collegeboard.org).
Here are the four financial aid metrics to look at (circled below on each screenshot):
- Percentage of need met
- Percentage of kids whose full need was met
- Scholarships/grants vs loans/work-study
- Average indebtedness at graduation
What is the ideal value for each of the four circled financial aid metrics?
- Had full need met: 100%
- Average indebtedness at graduation: no more than $5500/year (so $22K total or thereabouts)
- 100% of need met
- Financial aid distribution (pie at the top) — green is good, because scholarships/grants = money you don’t have to pay back
How do I know how much I’ll owe in loans vs. how much I’ll get in free money (scholarships/grants)?
Look at the pie breakdown on bigfuture.collegeboard.org — loans/job vs. scholarships/grants. Remember GREEN IS GOOD.
How do I find a college that will meet 100% of need?
US News College Rankings — easy place to start. The higher they’re ranked, the more likely they are to give you a full ride. Don’t forget that small liberal arts colleges are ALSO part of this list — places like Amherst, Williams, and Swarthmore meet 100% of need.
Can middle class families get a full ride or free tuition to college?
Most families underestimate how much money they’ll get from a school. Most of the very “expensive” schools actually guarantee FULL RIDES or FREE TUITION to middle class students with incomes up to $125k!
What’s the difference between a “full ride” vs “free tuition”?
Full ride = free tuition + free room & board
Free tuition = just tuition is paid for; you need to cover your own room and board
How much is room and board usually?
Between $15–20K per year
Is there a list of elite/prestigious schools that guarantee full rides/free tuition?
Stanford University
- Full ride for families under $65K
- Free tuition for families under $125K
Princeton University
- Full ride under $54K
- Free tuition for families under $120K
University of Chicago
- Full ride under $60K
- Free tuition for families under $125K
Dartmouth College — free tuition for families under $100K
MIT — free tuition for families under $75K
Yale University — full ride under $65K
Harvard University — full ride under $65K
Duke University — full ride under $60K
Columbia University — full ride under $60K
Cornell University — full ride under $60K
Brown University — full ride under $60K
Colby College
- Full ride under $65K
- EFC capped at $15K under $150K
University of Connecticut — free tuition for Connecticut families under $50K
Rice University
- Full ride for families under $65K
- Free tuition for families under $130K
- Half tuition for families under $200K
Wondering about a college that’s not listed as “having a full ride” above? Here’s how to look:
- Look on bigfuture.collegeboard.org for schools that meet 100% of your need, or as close to it as possible.
2. If they meet 100% of financial need: Go to that school’s financial aid page and search for the words “income threshold.” Here’s an example from Columbia:
This means that they will calculate the EFC of any family with a total income of less than $60k as $0 a year. Paired with a 100% need met guarantee, they will cover everything for such a student — a full ride.
3. These thresholds are not very common EXCEPT among elite schools: If you don’t see it, the school likely doesn’t have it.
- If they don’t have an income threshold, then look for the % of need met. The higher % of need met, the more money they will offer you.
Can I find out exactly what financial aid I can expect from college for MY family, given MY finances?
Google the school’s name + net price calculator: Eg. “yale net price calculator”. In about 2 minutes, it will ask you some basic questions, and you will be able to get three estimates — low, best, and high. (You’ll notice that Yale is also a no-loan school.)
Is it true: Good financial aid only comes with Ivies and highly selective schools?
You’re right — schools with the best aid policies have some of the lowest acceptance rates — they don’t give out merit aid because no student would not qualify. But don’t worry! Check our blog for more information on merit-based aid, which focuses on slightly less competitive colleges — allowing star students to go to slightly less selective schools for a full ride or huge tuition reduction.
