(Updated for 2019) For real. There are 310 colleges where the average institutional grant is over $20,000. So what’s the catch? There are only 195 schools where 90% or more of freshmen receive institutional grants. Surprisingly enough, there are only 32 schools where 50% or fewer of freshmen receive an institutional grant of $20,000 or more.
If at least 90% of freshmen are receiving institutional grants at 195 schools, wouldn’t they be worth looking into if you’re interested in cutting the cost of college? If you did, you would learn the following:
- 51 are test optional
- 64 had average SAT score of 1200 or higher
- 69 had average ACT score of 26 or higher
- 39 had a 4 year graduation rate of 70% or better
- 146 had a 4 year graduation rate of 50% or better
- At least 65 schools had 50% or more of freshmen who graduated in the 25% of their class
- At least 16 colleges had 40% or more of freshmen who graduated in the top 10% of their class
- 176 admitted at least half of all applicants
- 71 had 10% or more of undergraduates registered with disabilities
The point of this is that if you want to save $20,000 of the cost of college then you need to find the colleges that are willing to give you $20,000 in merit scholarships.
I know this might sound like a joke, if you want a million dollars, find someone who will give you a million dollars.
But it’s not.
Colleges are the biggest source of free money for students. They award need-based grants and merit scholarships to students to keep their classes filled.
This means that families can save a lot of money by making sure students apply to colleges that are willing to give them money to attend.
You can do your own search for colleges most likely to meet your family’s financial and academic requirements using the DIYCollegeRankings College Search spreadsheet.