With some colleges listing total annual costs nearing $100,000, it may be more important than ever for aspiring students to find and consider schools that offer generous financial aid packages.
Financial aid including grants and scholarships can help students and their families pay a fraction of the costs for schools that may otherwise be out of reach.
Nearly 3 in 4 students received some form of financial aid in the 2019-2020 school year, and 28% received aid from their institution, according to the latest available National Center for Education Statistics data.
Everyone can apply for federal financial aid using the Free Application for Federal Student Aid. Schools typically require the FAFSA — and sometimes, additionally, the CSS Profile, another aid application form used primarily by private schools — to determine aid eligibility. While not everyone will qualify for need-based aid, merit-based grants and scholarships can help students foot the bill, too.
Students are most satisfied with their financial aid packages at Washington and Lee University in Lexington, Virginia, according to the latest Princeton Review rankings. The publication ranks colleges based on students’ response to the question, “If you receive financial aid, how satisfied are you with your financial aid package?”
