As college costs continue to climb — some schools now charge more than $100,000 a year — the price tag remains the single biggest barrier for prospective students, according to recent studies. But families rarely pay the full sticker price. In fact, students and parents spent about $35,000 on average for the 2025-26 academic year, including tuition, fees, books, room and board, technology and other expenses, according to Sallie Mae’s How America Pays for College report.
Most families tap savings and piece together other resources — scholarships, second jobs, federal and private loans — to cover the cost. Yet one often overlooked source is merit aid, said Robert Franek, editor-in-chief at The Princeton Review.
“These are grants, money that students don’t have to pay back. That is significant,” Franek said. Beyond federal and state assistance, many schools are increasingly offering more scholarship funds of their own.
Institutional grant aid rose 24% to $85.1 billion between the 2014-15 and 2024-25 academic years, according to the College Board. By 2024-25, institutional money accounted for roughly half of all grant aid for undergraduate and graduate students.
Financial aid now heavily influences college decisions: 89% of students said they would have chosen a different college for more scholarship aid, based on a survey of more than 2,000 current and prospective students by education software company Ellucian.
To help families navigate this landscape, 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 its “Best Colleges” guide is based on surveys of 170,000 students during the 2025-26 academic year, with sticker prices reflecting the upcoming school year as of June.
“There is money out there, great big buckets of money,” Franek said. The schools that ranked highest successfully met students’ growing need for assistance.
Washington and Lee University tops the list. It is the most expensive school on the ranking, with an annual sticker price near six figures. But its average need-based scholarship is nearly $72,000, bringing the total out-of-pocket cost down to around $25,000.
“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, the university’s spokesperson.
Top 10 colleges for financial aid, according to The Princeton Review
Here are the schools that ranked highest, with their sticker prices, average need-based scholarships, and total out-of-pocket costs for first-year students:
1. Washington and Lee University — Lexington, Virginia
Sticker price: $97,335
Average need-based scholarship: $71,985
Out-of-pocket cost: $25,350
Average share of need met: 100%
2. Juniata College — Huntingdon, Pennsylvania
Sticker price: $78,700
Average need-based scholarship: $19,336
Out-of-pocket cost: $59,364
Average share of need met: 90%
3. Princeton University — Princeton, New Jersey
Sticker price: $91,624
Average need-based scholarship: $80,837
Out-of-pocket cost: $10,787
Average share of need met: 100%
4. Amherst College — Amherst, Massachusetts
Sticker price: $93,090
Average need-based scholarship: $76,445
Out-of-pocket cost: $16,645
Average share of need met: 100%
5. Reed College — Portland, Oregon
Sticker price: $91,048
Average need-based scholarship: $57,550
Out-of-pocket cost: $33,498
Average share of need met: 100%
6. Vanderbilt University — Nashville, Tennessee
Sticker price: $95,374
Average need-based scholarship: $75,271
Out-of-pocket cost: $20,103
Average share of need met: 100%
7. Gettysburg College — Gettysburg, Pennsylvania
Sticker price: $90,070
Average need-based scholarship: $55,859
Out-of-pocket cost: $34,211
Average share of need met: 90%
8. Franklin W. Olin College of Engineering — Needham, Massachusetts
Sticker price: $89,686
Average need-based scholarship: $56,968
Out-of-pocket cost: $32,718
Average share of need met: 99%
9. St. Olaf College — Northfield, Minnesota
Sticker price: $82,200
Average need-based scholarship: $56,959
Out-of-pocket cost: $25,241
Average share of need met: 100%
10. Lafayette College — Easton, Pennsylvania
Sticker price: $92,382
Average need-based scholarship: $54,046
Out-of-pocket cost: $38,336
Average share of need met: 100%
Source: www.cnbc.com — https://www.cnbc.com/2026/08/18/colleges-best-financial-aid-2026-princeton-review.html
This article is for informational purposes only and does not constitute financial, investment, tax, or legal advice. Do your own research and consult a licensed professional before making financial decisions.
