RESOLVING THE LEDGER
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See the full story · 1 sourcesWith some colleges now charging more than $100,000 a year , cost is the single biggest barrier to entry for prospective students, recent studies show .
But families don't often pay the sticker price. In fact, students and their parents spent closer to $34,000, on average, on college costs — including tuition, fees, books, room and board, technology and other expenses — during the 2025-26 academic year, according to Sallie Mae's recent How America Pays for College report.
In most cases, families tap savings and cobble together other resources to cover the tab, including scholarships, second jobs and federal and private student loans .
Of all possible sources, "merit aid is an underutilized resource," said Robert Franek, editor-in-chief at The Princeton Review. Beyond federal assistance from the U.S. Department of Education and state aid, many schools are increasingly offering students more scholarship funds.
"These are grants, money that students don't have to pay back," Franek said. "That is significant."
Between the 2014-15 and 2024-25 academic years, institutional grant aid rose by 24% to $85.1 billion. During 2024-25, institutional money accounted for about half of all grant aid for undergraduate and graduate students, according to the latest data available from the College Board, which tracks trends in college pricing and student aid .
Financial aid is increasingly influencing students' college decisions. Nearly nine in 10 students — 89% — said they would have chosen a different college for more scholarship aid, according to a new report by education software company Ellucian , based on a survey of more than 2,000 current and prospective college students in the U.S.
To that end, The Princeton Review ranked colleges by how generous their financial aid awards are and how satisfied students are with their packages. The 2027 edition of the company's "Best Colleges" guide is based on data from surveys of 170,000 students during the 2025-26 academic year. Sticker prices are based on the upcoming school year, as of June.
The colleges and universities that ranked highest on The Princeton Review's list successfully met students' growing need for assistance, Franek said.
"There is money out there, great big buckets of money," Franek said.
Washington and Lee University , for example, is the most expensive school on the list with an annual sticker price near six figures. However, the school's average need-based scholarship is nearly $72,000, which brings the total out-of-pocket cost down to around $25,000, according to The Princeton Review.
"Washington and Lee University delivers on its commitment to meet the full financial need of our students without loans, while also being need-blind in admissions and providing full-ride merit-based Johnson Scholarships to 10% of each entering class, thanks to the incredible generosity of our dedicated alumni," said Drewry Sackett, Washington and Lee's spokesperson.
1. Washington and Lee University Location: Lexington, Virginia Sticker price: $97,335 Average need-based scholarship: $71,985 Total out-of-pocket cost: $25,350 Average share of need met for first-year students with need-based aid: 100%
2. Juniata College Location: Huntingdon, Pennsylvania Sticker price: $78,700 Average need-based scholarship: $19,336 Total out-of-pocket cost: $59,364 Average share of need met for first-year students with need-based aid: 90%
3. Princeton University Location: Princeton, New Jersey Sticker price: $91,624 Average need-based scholarship: $80,837 Total out-of-pocket cost: $10,787 Average share of need met for first-year students with need-based aid: 100%
4. Amherst College Location: Amherst, Massachusetts Sticker price: $93,090 Average need-based scholarship: $76,445 Total out-of-pocket cost: $16,645 Average share of need met for first-year students with need-based aid: 100%
5. Reed College Location: Portland, Oregon Sticker price: $91,048 Average need-based scholarship: $57,550 Total out-of-pocket cost: $33,498 Average share of need met for first-year students with need-based aid: 100%
6. Vanderbilt University Location: Nashville, Tennessee Sticker price: $95,374 Average need-based scholarship: $75,271 Total out-of-pocket cost: $20,103 Average share of need met for first-year students with need-based aid: 100%
7. Gettysburg College Location: Gettysburg, Pennsylvania Sticker price: $90,070 Average need-based scholarship: $55,859 Total out-of-pocket cost: $34,211 Average share of need met for first-year students with need-based aid: 90%
8. Franklin W. Olin College of Engineering Location: Needham, Massachusetts Sticker price: $89,686 Average need-based scholarship: $56,968 Total out-of-pocket cost: $32,718 Average share of need met for first-year students with need-based aid: 99%
9. St. Olaf College Location: Northfield, Minnesota Sticker price: $82,200 Average need-based scholarship: $56,959 Total out-of-pocket cost: $25,241 Average share of need met for first-year students with need-based aid: 100%
10. Lafayette College Location: Easton, Pennsylvania Sticker price: $92,382 Average need-based scholarship: $54,046 Total out-of-pocket cost: $38,336 Average share of need met for first-year students with need-based aid: 100%
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