2023 top 10 colleges for financial aid

As a new college application season gets underway, the price tag for higher education is in the spotlight.

Now, above all else, students and families are concerned about the rising cost and the student debt that often goes along with it — without considering the schools with the most generous aid packages.

To that end, The Princeton Review ranked colleges by how much financial aid is awarded and how satisfied students are with their packages. The Princeton Review’s Best Colleges for 2024 report is based on data collected from 165,000 student surveys.

Tuition and fees at a four-year private college averaged $39,400 in the 2022-23 academic year. At four-year, out-of-state public colleges, it was $28,240, according to the College Board, which tracks trends in college pricing and student aid. When adding in other expenses, the total tab can be more than $70,000 a year for undergraduates at some private colleges, and in some cases, even for out-of-state students attending four-year public schools.

However, about two-thirds of all full-time students receive aid, which can bring the cost significantly down. Your net price is a college’s tuition and fees minus grants, scholarships and education tax benefits, according to the College Board.

There are some schools that simply are more able to meet a student’s and family’s demonstrated financial need.
Robert Franek
editor-in-chief of The Princeton Review

“Crossing a school off the list of consideration based on sticker price alone is a mistake,” said Robert Franek, editor-in-chief of The Princeton Review.

‘There’s an enormous amount of grant aid’

When it comes to offering aid, private schools typically have more money to spend, Franek said. “Lots of private schools have great financial wherewithal and those resources get channeled into financial aid.”

The top schools for financial aid are all private and considered among the nation’s most expensive institutions, after accounting for tuition, fees and room and board. Yet, their very generous aid packages make them surprisingly affordable.

“There’s an enormous amount of grant aid — $74 billion — that’s a ton,” Franek said. As a result, “there are some schools that simply are more able to meet a student’s and family’s demonstrated financial need and that is something for prospective students and families to know about.”

In fact, the average need-based scholarship awarded to undergraduates on this year’s top 10 list was $45,447.