Colleges That Claim to Meet Full Financial Need

Elite colleges are a long shot for most students. Most top-ranked Ivy League schools accept less than 10 percent of applicants, and those who make the cut have glowing academic resumes.

Some students with stellar credentials take one look at the price tag and don't even bother to apply. This is especially true of low-income students.

Poor students shy away from elite colleges, despite being qualified, according to a December 2012 report by the National Bureau of Economic Research. Part of the reason is a lack of information, a byproduct of minimal recruiting efforts, which causes students to believe the schools are financially out of reach.

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Many exclusive - and expensive - colleges offer generous financial aid packages to students who demonstrate financial need. Some only meet a fraction of a student's demonstrated financial need, the difference between the total cost of attendance - which includes tuition, fees, room and board, books and other expenses - and expected family contribution.

A student's EFC is calculated by the federal government using information collected via the Free Application for Federal Student Aid. It takes into consideration income, assets, benefits and family size to calculate what students and their parents can reasonably pay toward a year of college. The figure can vary from school to school, as some institutions use their own formula to calculate family contribution.

[Learn how to negotiate a great financial aid package.]

Other schools use a combination of subsidized loans, scholarships, work-study and grants to cover the full gap between the school's total cost and what it determines a family can pay toward their child's education.

Nearly 1,130 colleges and universities reported fall 2012 financial aid data in an annual U.S. News survey. Of those schools, 61 said they met 100 percent of a student's demonstrated financial need.

Seventy-five percent of the schools that met full financial need placed among the top 25 in their rankings category. Thirty-six percent ranked in the top 10.

Columbia University, ranked No. 4 among National Universities in the 2014 Best Colleges rankings, is one of those schools. With a sticker price of more than $61,100 for tuition, fees and housing, Columbia is one of the 10 most expensive private schools in the country for the 2013-2014 school year.

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In fall 2012, 52 percent of full-time Columbia undergrads demonstrated financial need. All of those students had 100 percent of their need met, according to data reported by the school.

Princeton University and Williams College, ranked No. 1 among National Universities and National Liberal Arts Colleges, respectively, also reported meeting full financial need.

Below are the colleges and universities that claimed to meet 100 percent of demonstrated financial need for full-time undergraduates in fall 2012.

The financial need data above are correct as of Sept. 18, 2013. For complete financial aid data, full rankings and much more, access the U.S. News College Compass.