Universities That Claim to Meet Full Financial Need

These institutions report meeting any gap in families' funding.

Colleges have a variety of ways to bring down costs for students. Some lock in tuition rates, while others don't charge tuition at all.

And 64 colleges have pledged to meet the full financial need of any admitted undergraduate, regardless of sticker prices they may publish.

In a 2012 U.S. News survey, 1,164 colleges reported the average percentage of financial need they met for their incoming undergrad students in fall 2011. Sixty-four of those institutions, including both National Universities and National Liberal Arts Colleges, reported meeting 100 percent, on average, of their admitted students' financial need.

A college that meets full financial need won't necessarily cover every dollar a family owes, but they will use some form of financial aid to cover the gap between total costs (including tuition, room and board, books, travel, and other expenses) and expected family contribution (EFC).

[Avoid these assumptions about college financial aid.]

The calculation of an EFC can vary by institution, as schools may use their own formulas including indicators such as household income, assets, and family size to help determine what they think a family can reasonably pay for college. Schools can also use the federal EFC, calculated from a student's Free Application for Federal Student Aid (FAFSA).

Once an institution has determined an EFC, the means they use to fill outstanding financial need can vary. While some schools on the list below may make up the difference with scholarships and grants, others may offer subsidized student loans or work-study opportunities. Still others may use a combination of the former (which students won't have to pay back) and the latter (which will ultimately cost the student either money or time and effort).

In what's likely to be good news for students, colleges on the list below are widespread, both in terms of geographic location and U.S. News rank. Whether students are interested in the Northeast or the West Coast, there are schools that claim to meet full financial need. And from top-ranked Harvard University and Princeton University to Concordia College, designated as Rank Not Published (RNP) by U.S. News because its numerical rank would have fallen in the bottom one fourth of schools, prospective college students have a variety of institutions to consider.

[Explore the U.S. News Best Colleges rankings.]

Some institutions, such as Grinnell College, have reported meeting full financial need for years, while others, including the University of Notre Dame, are on the list now after not making the cut last year. Only schools that are defined by U.S. News as National Universities or National Liberal Arts Colleges were considered for this report.

These colleges claimed to have met 100 percent, on average, of the financial need of their admitted full-time undergraduate students in fall 2011.

The financial need data above are correct as of Feb. 11, 2013. For complete financial aid data, full rankings, and much more, access the U.S. News College Compass.