Though the Ivy League colleges have among the most generous financial aid programs in the country, many parents still ask: which Ivy League school is the cheapest to attend?
The answer depends on your particular financial situation. As we discussed previously, all Ivy League colleges award aid based on the students’ financial need, and not based on particular students’ merits or abilities.
The financial need of the student is the most important factor in how much financial aid the student will be offered. But individual colleges have their own methods of identifying the financial need of their students, and their generosity in giving financial aid also varies.
Fortunately, we have data on what students from different income brackets were paying on average for tuition, supplies, and living expenses after receiving financial aid. This is called the Net Price, and it gives us a metric with which to rank Ivy League colleges’ generosity based on financial aid.
We ranked the Ivy League schools based on the average net price paid by a student whose family makes between $48,000 and $75,000 per year. Here are the rankings:
Net Price for Middle-Class Student: $15,413
#7: University of Pennsylvania
Net Price for Middle-Class Student: $12,968
#6: Brown University
Net Price for Middle-Class Student: $12,181
Net Price for Middle-Class Student: $7,648
#4: Yale University
Net Price for Middle-Class Student: $6,986
Net Price for Middle-Class Student: $6,224
Net Price for Middle-Class Student: $6,199
Net Price for Middle-Class Student: $3,392
Note that these are averages of students attending Ivy League institutions, and aren’t necessarily representative of the amount your student would pay to attend such an institution. College differ in how they treat home equity, for example.
|
Want to see the rest of the data? There are big differences between Ivy League financial aid formulas. See which of them are least expensive for students like you. Enter your email to get our Ivy League cost cheatsheet:
|
