CNBC.COM
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.
What makes students happy with financial aid packages
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?"
"Washington and Lee is committed to making the highest quality education affordable for all students," Drewry Sackett, executive director of communications at the college, said in an email.
The school practices need-blind admissions and delivers financial aid packages to meet 100% of demonstrated financial need without loans. Roughly 10% of each class also receives a merit-based scholarship, he added.
Students may receive more aid, on average, at other colleges, but students at the schools atop Princeton Review's list report the highest level of satisfaction with their offerings. While affordability is a major consideration for plenty of families sending a student to college, it's not the only one.
"What truly shapes a positive financial aid experience is how well the aid office partners with [families]," says Dana Kelly, vice president of professional development and institutional compliance at the National Association for Student Financial Aid Administrators.
"Even if the final aid offer isn't exactly what a student or family hoped for, an office that is proactive, transparent, and responsive can make all the difference in how that experience is perceived," she says.
Where students are most satisfied with their financial aid
Here are the schools that topped The Princeton Review's rankings along with 2025-26 tuition, according to the schools' websites, and average net price, according to Department of Education data. The average net price is the average annual cost after grants and aid among students receiving federal financial aid as of the 2022-23 school year, the latest available.
1. Washington and Lee University—Lexington, Va.
- Tuition 2025-26: $70,100
- Average net price: $23,911
2. Franklin W. Olin College of Engineering—Needham, Mass.
- Tuition 2025-26: $64,552
- Average net price: $20,575
3. Washington University in St. Louis—St. Louis
- Tuition 2025-26: $68,240
- Average net price: $22,117
4. Princeton University—Princeton, N.J.
- Tuition 2025-26: $65,210
- Average net price: $10,555
5. Reed College—Portland, Ore.
- Tuition 2025-26: $71,460
- Average net price: $39,951
6. Amherst College—Amherst, Mass.
- Tuition 2025-26: $73,140
- Average net price: $18,246
7. Lafayette College—Easton, Pa.
- Tuition 2025-26: $66,496
- Average net price: $32,496
8. Columbia University—New York
- Tuition 2025-26: $70,170
- Average net price: $20,148
9. Rice University—Houston
- Tuition 2025-26: $66,540
- Average net price: $12,640
10. Gettysburg College—Gettysburg, Pa.
- Tuition 2025-26: $68,970
- Average net price: $30,086
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