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If scholarships and financial aid are an important part of your payment plan for college, as it is for most families, you may do well to consider a few schools with deep pockets.
Indeed, some schools are more generous than others.
“Some have enough financial resources available in institutional aid that they can actually commit to meeting all of their student’s full financial need, while other schools don’t have the same financial security,” said Karen McCarthy, director of policy analysis for the National Association of Student Financial Aid Administrators.
North Greenville University, for example, a Southern Baptist liberal arts school in Tigerville, South Carolina, awards grants or scholarships to a majoirty of incoming freshman, according to the net price calculator on its website. That brings the average undergraduate tuition price for freshman who receive federal student loans to roughly $16,010.6,058.1
And Harvard College famously pays all costs (tuition and fees) for students from families with income of $100,000 or less, and covers tuition for students with household income of of $200,000 or less.2
A generous financial aid package is helpful to all college-bound students, of course, but it’s critical to making college affordable for many. (Learn more: A primer on college financial aid)
Fully 61 percent of respondents to a 2023 survey said they are relying on scholarships and grants to help pay for their child’s education, up 7 points from 2022 and up 14 points from 2021.3
Scholarships, grants, and other free money
Tuition assistance comes in many forms.
Some higher learning institutions, including most of the Ivy League schools, only offer grants and scholarships to students who demonstrate financial need.
Others offer a proportionately higher number of performance awards, or merit-based aid, to attract top talent, targeting athletes, musicians, scholars, and those who contribute to their communities. (Related: How to cut the cost of college by up to half)
Similarly, some collegiate scholarships are tied to a field of study and funded by private companies or organizations looking to cultivate the next generation of young professionals.
A number of organizations and news outlets have simplified the process of ferreting out the schools with the deepest pockets, culling together lists of colleges and universities that meet their stated criteria.
U.S. News & World Report, for example, lists the colleges that awarded the most institutional scholarships or grant aid to students who did not have financial need.
Apart from North Greenville University, Principia College in Elsa, Illinois, Florida Sourthern College in Lakeland, Florida, and The New School in New York, New York made the grade — each offering non-need based aid to more than half of its students.
Niche.com, an online college directory, also publishes a list of the best value colleges in America Top on their list are the:
- California Institute of Technology
- Harvey Mudd College
- Massachusetts Institute of Technology
- Stanford University
- Harvard University
And, a 2025 report by Money Magazine identified the schools on its Best College Values list that combine educational quality, affordability, and alumni success.
The top five? The University of Michigan in Ann Arbor, Michigan, University of North Carolina at Chapel Hill, University of Virginia in Charlottesville, Virginia, and the Massachusetts Maritime Academy in Buzzards Bay, Massachusetts.
Tuition-free schools
Free-tuition policies are the holy grail of financial aid packages, but they are few and far between. And most still require students to cover the costs of room and board, along with books and incidentals. In some cases, students are also required to work during the academic year to demonstrate commitment.
Most are also small and located in rural areas. And they may cater to specific majors, like engineering or computer science. And a few are religion-based.
A few of thecolleges in America that offer free tuition, according to U.S. News & World Report, include:
- Alice Lloyd College in Pippa Passas, Kentucky
- Barclay College in Haviland, Kansas
- Berea College in Berea, Kentucky
- College of the Ozarks in Point Lookout, Missouri
But that’s, literally, a small price to pay. According to the College Board, tuition, fees and room and board for full-time in-state students averaged $25,850 at public four-year in-state colleges and universities in 2025-26 and $60,920 at private nonprofit four-year schools.4
No-loan schools for low-income students
After free-tuition programs, zero-loan financial aid policies are the next best thing.
“About six dozen colleges have 'no-loan' financial aid policies that replace loans with grants in the financial aid package,” said Mark Kantrowitz, publisher of Cappex.com, an online scholarship search tool. “These financial aid packages tend to be among the most generous.”
The vast majority, however, are only available to the lowest income students who qualify based on financial need.
Finaid.org, a college financial aid consumer web site, notes “low income” is typically defined as the bottom quintile by family income. For the federal Pell Grant, for example, that might be students with family income below $60,000, or families with incomes below 200 percent of the poverty line.
There are four main types of no-loan policies. Some schools eliminate loans entirely from the financial aid package of low-income students.5
(Princeton University notes on its website that families with incomes up to $150,000 or less qualify for a grant to cover full tuition and room and board. Some 25 percent of its students are lower-income and eligible for Pell Grants.
No-loans colleges include the entire Ivy League -- Harvard, Princeton, Columbia, Yale, University of Pennsylvania, Cornell, Brown and Dartmouth -- as well as state schools like Michigan State University in East Lansing, Michigan, North Carolina State University in Raleigh, North Carolina, and the University of California at Berkley, said Kantrowitz.
Work colleges
Some colleges have also adopted the work-college model, in which all students who live on campus work for the school to help offset the cost of tuition. Paul Quinn College in Dallas, Texas, for example, was recently designated an official “work college” by the U.S. Department of Education, making it the first urban, historically black college and university to earn the designation — and the ninth college in the country overall.
Other work colleges include Blackburn College in Carlinville, Illinois, College of the Ozarks in Point Lookout, Missouri, , and Sterling College in Craftsbury Common, Vermont.
Paul Quinn's residential, full-time students are required to participate in the work program regardless of financial need. They can hold various jobs, including tending the on-campus farm or assisting the registrar and potentially earn a full-tuition grant which may enable them to graduate with minimal student loan debt.
Pay attention
A generous financial aid policy, of course, does not necessarily mean that a school is a fit. It may not even be the best deal, said Kantrowitz, noting that students should review their financial aid packages carefully, so they don’t get hit with a bait and switch.
“About half of all colleges practice front-loading of grants, so the big grant that attracted you to a college may be much lower in the sophomore, junior, and senior years,” he said.
Kathryn Randolph, a contributing editor for Fastweb online financial aid database, recommends college-bound students apply to a range of schools that may or may not fit them academically: a safety school, a target school, and a reach school.
“They should also explore a range of schools financially: schools that they know they can easily afford; schools that they can afford with scholarships, financial aid and maybe a little student debt; and finally, schools that are a reach financially, but that are the right academic fit,” she said.
After they get their acceptance letters, students and their families should then use the net price calculators available on every college website to figure out which is the best fit financially, she said. (Learn more: Finding the best financial-fit college)
“Students are able to input their data points — family circumstances, academic records, and other pertinent information — in order to see what they’ll realistically need to pay to attend,” she said. “Technically, students could end up paying more for a public in-state college than they would at a private institution because of aid dollars. That’s why it’s paramount to get the full picture through net price calculators.”
Don’t forget to conduct scholarship searches outside of schools, too, through online databases, she said. “They will help students find scholarships for their field of study, location, and extracurricular involvement,” said Randolph. “With all this in mind, students should apply to the schools they love, regardless of cost — and then make the financial decisions once they’ve been admitted and can get the full financial picture.
Since 1851, MassMutual has been focused on helping people secure their financial future and protect the ones they love. That mission is why we have over 7,500 financial professionals to assist you on your journey through insurance, investing, retirement planning, estate management, and more. You can find a MassMutual professional with this tool or you can let us know you’d like to talk to one and we’ll have one of our financial professionals can contact you.
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Frequently Asked Questions
Q: What's the difference between sticker price and net price?
A: The sticker price is the published cost of attendance before any financial aid, while net price is what you'll actually pay after grants, scholarships, and other aid are applied. Many families are surprised to learn that private colleges with high sticker prices can end up costing less than public universities once financial aid is factored in.
Q: Are community colleges a smart way to save on a four-year degree?
A: Yes. Starting at a community college and transferring to a four-year institution can cut your total college costs in half or more. Many states have guaranteed transfer agreements ensuring your credits transfer seamlessly. This "2+2" approach lets you earn the same bachelor's degree for significantly less money. Just make sure to work with an advisor from day one to ensure your community college courses align with your target university's requirements.
Q: What's the difference between merit-based and need-based aid?
A: Merit-based aid is awarded based on academic achievement, test scores, special talents, or other accomplishments, regardless of financial need. Need-based aid is determined by your family's financial circumstances as reported on the FAFSA and CSS Profile. Many students qualify for both types. It’s wise to research which schools are known for generous merit scholarships in your academic range.
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Discover more from MassMutual…
Paying for college with Direct student loans
College admissions counselors: Weighing the price
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Need a financial professional? Find one here
This article was originally published in March, 2017. It has been updated.
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1 U.S. News & World Report, “North Greenville University Tuition & Financial Aid,” 2025. 2 The Harvard Gazette, “Harvard expands financial aid,” March 17, 2025 3 Discover Student Loans, “70% of Parents with College-Bound Children Are Worried About Having Enough Money to Pay for College,” June 7, 2023. 4 College Board, ”Trends in College Pricing and Student Aid 2025.” 5 FinAid.org, “No Loans for Low Income Students,” 2019.
