20 U.S. Colleges with Generous Financial Aid in 2023

Written By Sade Meeks

When it comes to pursuing higher education, the cost can be a significant barrier for many students and their families. Fortunately, there are colleges and universities across the United States that are committed to making education accessible by offering generous financial aid and merit-based scholarships. In no particular order, we've compiled some of the most generous institutions for the 2022-2023 academic year. These schools not only provide substantial financial support but also have various policies in place to ensure that financial constraints do not hinder students' access to education.

Allegheny College (Meadville, PA)

  • Test Optional

  • Offers 3/2 programs

  • Acceptance Rate: 73%

  • Provides need-based aid, including Trustee Scholarships.

Amherst College (Amherst, MA)

  • QuestBridge partner member

  • Test Optional

  • Acceptance Rate: 12%

  • Meets 100% of need with grants and work-study.

  • No loans.

Arizona State University (Phoenix, AZ)

  • Test Optional

  • Offers engineering programs

  • Acceptance Rate: 88%

  • Scholarships available through the Barack Obama Scholars Program.

Babson College (Babson Park, MA)

  • Test Optional

  • Acceptance Rate: 27%

  • Meets 96% of need in the first year.

  • Merit scholarships available.

Barnard College (New York, NY)

  • QuestBridge partner member

  • Test Optional

  • Acceptance Rate: 14%

  • Need-blind for domestic students.

  • Meets 100% of demonstrated need.

Bates College (Lewiston, ME)

  • Test Optional

  • Acceptance Rate: 14%

  • Meets 100% of demonstrated need.

Boston University (Boston, MA)

  • QuestBridge partner member

  • Test Optional

  • Offers engineering programs

  • Acceptance Rate: 20%

  • Meets 87% of demonstrated need.

Berea College (Berea, KY)

  • Test Optional

  • No-Loans Policy

  • Acceptance Rate: 33%

  • Offers the Tuition Promise Scholarship.

Boston College (Chestnut Hill, MA)

  • QuestBridge partner member

  • Test Optional

  • Offers engineering programs

  • Acceptance Rate: 26%

  • Meets 100% of demonstrated need.

Bowdoin College (Brunswick, ME)

  • QuestBridge partner member

  • Test Optional

  • No-Loans Policy

  • Acceptance Rate: 9%

  • Meets 100% of demonstrated need.

Brown University

  • Location: Providence, RI

  • Financial Aid Details:

    • Test Optional

    • No-loans policy

    • Engineering program available

  • Acceptance Rate: 8%

  • Need-blind admission for all US citizens and permanent residents.

  • Meets 100% of demonstrated need (FAFSA/CSS PROFILE; IDOC required).

  • For families with a total income below $60,000 and assets less than $100,000, the parent contribution is $0.

Bryn Mawr College

  • Location: Bryn Mawr, PA

  • Financial Aid Details:

    • Test Optional

    • 3/2 engineering program available

  • Acceptance Rate: 38%

  • Meets 100% of demonstrated need as determined by the FAFSA & CSS PROFILE; includes loans; IDOC required.

  • Awards merit-based scholarships.

Bucknell University

  • Location: Lewisburg, PA

  • Financial Aid Details:

    • Test Optional

    • Engineering program available

  • Acceptance Rate: 38%

  • Need aware.

  • Meets 94% of demonstrated need all four years as determined by the FAFSA & CSS PROFILE; with loans.

  • Awards merit-based scholarships.

California Institute of Technology (Caltech)

  • Location: Pasadena, CA

  • Financial Aid Details:

    • Test Optional

    • QuestBridge partner member

    • Engineering program available

  • Acceptance Rate: 7%

  • Need-blind admission.

  • Meets 100% of demonstrated need as determined by the FAFSA/CSS PROFILE.

  • No-loans policy.

Carleton College

  • Location: Northfield, MN

  • Financial Aid Details:

    • Test Optional

    • QuestBridge partner member

    • 3/2 engineering program available

  • Acceptance Rate: 21%

  • Financial aid process varies depending on whether you are applying early action or regular decision.

  • Need-blind admission.

  • Meets 100% of demonstrated need as determined by the FAFSA/CSS PROFILE, and includes loans.

  • No merit-based scholarships given.

Carnegie Mellon University

  • Location: Pittsburgh, PA

  • Financial Aid Details:

    • Test Optional

  • Acceptance Rate: 17%

  • Meets 98% of demonstrated need as determined from the FAFSA and CSS Profile.

Claremont McKenna College

  • Location: Claremont, CA

  • Financial Aid Details:

    • Test Optional

    • QuestBridge partner member

    • 3/2 engineering program available

  • Acceptance Rate: 10%

  • Meets 100% of demonstrated need as determined by the FAFSA & CSS profile for all US citizens and permanent residents.

  • Need-blind admissions; includes loans.

  • Offers merit-based scholarships.

  • Must submit Common App by Dec 1st to apply for merit aid.

  • Part of the Claremont Colleges Consortium.

Colby College

  • Location: Waterville, ME

  • Financial Aid Details:

    • QuestBridge partner member

    • Test Optional

    • No-loans policy

    • 3/2 engineering program available

  • Acceptance Rate: 10%

  • Meets 100% of demonstrated need as determined by the FAFSA & CSS PROFILE; IDOC required; need aware; does NOT include loans.

  • Offers additional paid funding for students to participate in research and internships.

  • Does not offer merit-based scholarships.

Colgate University

  • Location: Hamilton, NY

  • Financial Aid Details:

    • QuestBridge partner member

    • Test Optional

    • No-loans policy

    • 3/2 engineering program available

  • Acceptance Rate: 27%

  • Need aware.

  • Meets 100% of demonstrated need; may include small loans.

  • No merit-based scholarships offered.

  • No loans for students with total family income under $125,000.

  • Colgate Grant recipients can receive additional assistance for one Colgate-directed/approved off-campus study group and one Colgate-directed extended study program.

  • FAFSA & CSS Profile & IDOC required.

College of the Atlantic

  • Location: Bar Harbor, ME

  • Financial Aid Details:

    • Test Optional

  • Acceptance Rate: 76%

  • 97% need met through need-based aid; merit-based scholarships are also available.

  • FAFSA only.

  • Provides each student with $1,800 for travel and expeditionary learning.

    While not all encompassing, this list offers a diverse selection of colleges and universities, each with unique attributes and financial aid options. From test-optional schools like Amherst College to those with engineering programs like Caltech, there are choices to match various academic interests.

    Financial aid is a key consideration, and many institutions here are committed to affordability, such as Berea College with its no-loans policy. Your college journey is personal, and the right fit may not always align with rankings. It's crucial to explore further, visit campuses, and speak with counselors to find the best match for your goals. In the end, choosing a college that suits you academically, personally, and financially is the most important step towards a successful higher education experience.

Looking for more scholarship opportunities?


Sade Meeks
Previous

Top Scholarships for Psychology Students
Next

Top Scholarships for Hispanic Heritage Month