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10 US universities offering highest financial aid for students

By Duong Tam   October 9, 2024 | 06:01 pm PT
10 US universities offering highest financial aid for students
A view of Stanford University in the U.S. Photo courtesy of Stanford
Many top universities in the United States are offering financial aid for the 2024-2025 academic year, ranging from $59,800 to $63,500, the highest being at Yale University.

Rising tuition and associated costs pose a significant barrier to students worldwide wishing to study at a U.S. university, especially for those from disadvantaged backgrounds. In response, many universities are now offering a range of financial support options, including grants, scholarships, and work-study programs.

These initiatives are designed to ensure that students do not need to rely on loans to cover essential expenses such as tuition, living costs, books, and other necessities.

Eligibility for financial aid typically requires students, both domestic and international, to demonstrate a family income below $65,000 to $75,000 per year, depending on the institution.

In a recent report by Forbes, the 10 U.S. universities offering the highest financial aid for the 2024-2025 academic year were highlighted.

These universities are actively addressing the rising cost of education, which has surged by about 40% over the last 20 years, according to data from the U.S. News & World Report.

Public university tuition fees have increased by 127-158%, depending on whether students are in-state or out-of-state. Private universities, which do not differentiate tuition between international and domestic students, have also raised fees by 132%.

Rank Name State Average annual aid

1

 Yale University

Connecticut

US$63,500

2

 Dartmouth College

New Hampshire

US$62,300

3

 Harvard University

Massachusetts

US$61,800

4

 Northwestern University

Illinois

US$61,700

5

 Colby College

Maine

US$61,700

6

 Wellesley College

Massachusetts

US$61,300

7

Columbia University

New York

US$61,100

8

Stanford University

California

US$60,600

9

Wesleyan University

Connecticut

US$59,800

10

Princeton University

New Jersey

US$59,800

Universities cite inflation, increased faculty salaries, and investments in infrastructure as the primary reasons for tuition hikes. As of late last year, around 43 million Americans were grappling with student debt, with many still paying off loans into retirement.

Despite the financial challenges, U.S. universities continue to attract international students. The Open Doors report by the Institute of International Education recorded over one million international students enrolled for the 2022-2023 academic year, reflecting a 12% increase from the previous year.

China and India remain the largest contributors to the international student population, making up nearly 53% of the total. Chinese students contributed $12.2 billion to the U.S. economy, while Indian students added $7.13 billion.

Vietnam, ranking fifth, saw 21,900 students contribute approximately $816 million, marking an 11.6% increase from 2022.

 
 
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