This article highlights the 45 most competitive small colleges with great financial aid packages. According to the American Student Assistance (ASA), a non-profit organization that acts as a student loan guarantor, the financial aid industry is constantly evolving. At the forefront of change is the re-creation of financial aid programs designed to eliminate the burden of educational debt after graduation.
Even the most expensive and highly selective small colleges in the country now offer substantial financial aid awards that either eliminate, or cap, loan amounts. This means that students can often graduate from a highly competitive college with little debt. With millions of Americans burdened with outstanding college debt, even the most selective small colleges are providing educational expense relief. Small colleges and private higher-learning institutions are paying attention to the student loan debt crisis.
Need-Blind policies allow schools to offer generous financial aid packages that include grants, scholarships, and work study programs, no matter the student’s financial standing or economic demographic. Some schools even offer tuition reimbursement packages that promise a debt-free education – for all four years. We examined many schools to compile our list of the 45 competitive small colleges offering great financial aid packages.
We looked at small colleges offering a four-year bachelor’s degree, an enrollment of 5,000 or fewer students, and a 30 percent or less admittance rate. We then compared the total expenses on campus and the average net price as indicated by the National Center for Education Statistics, Institute of Education Sciences – College Navigator. Schools were not considered if there was not an average net price available via the NCES.
From these numbers we were able to gather the 45 Most Competitive Small Colleges with Great Financial Aid. The net reflects the most current numbers catalogued by College Navigator, and these tend to change over time. Be sure to contact the school directly for the most recent attendance cost.
Ranking the Top Small Colleges with Best Financial Aid
#1. United States Merchant Marine Academy
The United States Merchant Marine Academy is a U.S. Service Academy. While not a military academy it shares many similarities. The primary focus of the school is training people for professions related to the sea. Whether this is service in the armed forces or in the civilian sector. Most programs at the academy are seafaring related. Students can study marine engineering, navigation, ship’s administration, maritime law, personnel management, international law, customs and just about any other subject related to running and operating a large ship.
Average Net Price: $4,422
Percentage Admitted: 25%
#2. Lyon College
Lyon College is a private liberal arts college in Arkansas. It is affiliated with the Presbyterian Church. The school has just 665 students and a 10:1 student to faculty ratio. U.S. News rates the school among the top 50 performers in social mobility. The college features a liberal arts core curriculum. Students can concentrate their studies in areas like business and economics, humanities, math and science, and social science.
Average Net Price: $10,537
Percentage Admitted: 27%
#3. University of North Carolina School of the Arts
It’s no secret that most arts schools are extremely expensive and offer little financial aid. Not so at the University of North Carolina School of the Arts. This may be the most affordable accredited arts school in the United States when considering average net price. With a 30% acceptance rate, the school is competitive, but reasonably accessible. Students can study subjects like dance, design and production, drama, filmmaking, music and more.
Average Net Price: $12,097
Percentage Admitted: 30%
#4. College of the Ozarks
College of the Ozarks is a Christian college that really doubles down on the concept of the protestant work ethic. The school dubs itself Hard Work U. The school charges no tuition to the full-time students who fulfill the requirement of working 15-hours per week at an on-campus work station. Students must also work two 40-hour work weeks during breaks. There is a summer work program that can help students pay for room and board. The college is designed for students who might not be able to afford a conventional school, even if they were to hold down a similar work schedule.
Average Net Price: $12,611
Percentage Admitted: 21%
#5. Williams College
Williams College is located in Williamstown, Massachusetts. Williams College is one of the oldest small colleges in the United States, having been established in 1793. The college offers 36 majors in the humanities, arts, social sciences, and natural sciences. The student to faculty ratio is 6:1, one of the lowest you will find at any college in the United States. Alumni include 9 Pulitzer Prize winners, a Nobel Prize Laureate, a Fields medalist, and many alumni who have seen success in politics.
Average Net Price: $14,487
Percentage Admitted: 9%
#6. Pomona College
Pomona College is the founding member of the Claremont Colleges. These are a group of the best liberal arts colleges located in and around Claremont California. Each institution is distinct. However they share resources. This means students at any of these small colleges can take classes and use facilities at any of the other small colleges in the group. These small colleges are Pomona College, Claremont McKenna College, Harvey Mudd College, Pitzer College, and Scripps College. Each college individually is small, but combined they have over 8,500 students. This means at Pomona College you get all the benefits of a small college and medium college rolled into one.
Average Net Price: $17,000
Percentage Admitted: 7%
#7. Minerva University
Minerva University is the most academically selective college in the United States. Admission is solely merit based. It’s designed to provide an incredibly high quality education to students who wouldn’t be able to afford similar schools. It’s the youngest school in our ranking, established in 2012. It became fully regionally accredited in 2021. Minerva has locations in seven cities across the world. 78% of students are international. Minerva is striving to revolutionize modern education through the application of cutting edge learning methods based in scientific research.
Average Net Price: $17,632
Percentage Admitted: 1%
#8. Colby College
Colby College is a liberal arts college in Maine that was established 210 years ago. The school offers 54 majors and 30 minors. International experiences are emphasized at Colby. More than two thirds of its students study abroad in 60 different countries during their bachelor’s degree program. While Colby is a liberal arts college, potential engineering students need not despair. Colby participates in engineering dual degree programs in collaboration with Columbia School of Engineering and Applied Science at Columbia University, and the Thayer School of Engineering at Dartmouth College.
Average Net Price: $17,912
Percentage Admitted: 9%
#9. Rice University
Rice University, located in Houston TX, is a rare thing. A it’s on the larger side of small institutions with 4,200 students. It is also a research university. The combination of a very high research activity with a smaller student population means more opportunity for undergraduates who want to get involved in research. The 6:1 student to faculty ratio is also rare among all but the most elite research institutions.
Average Net Price: $18,521
Percentage Admitted: 9%
#10. Amherst College
Amherst College offers 41 majors and an open curriculum. Students will receive the benefits of 74 professors who have taught at Amherst for over 20 years. While also benefiting from the 110 hires of tenure-track professors since 2010. The 7:1 student to faculty ratio means you have easy access to these professors, allowing you to personalize your learning experience as you work with them closely. The open curriculum means no distribution requirements and no core curriculum. Students choose the courses that they think are most important or interesting. A major complaint of any college student is having to take courses they view as unnecessary. The open curriculum experiment, in place since 1971, solves that problem. This may seem intimidating, as you will be creating your own custom curriculum out of 850 courses offered. But the faculty are there to help guide you and create an optimal learning experience to help you achieve your goals.
Average Net Price: $18,809
Percentage Admitted: 9%
#11. Curtis Institute of Music
Curtis Institute of Music is one of the most exclusive conservatories in the world. The school has only 153 students. Curtis has not charged students tuition since 1928 so it is likely the net price reflects other costs of attendance. Curtis has featured many prestigious faculty over the years including Eleanor Sokoloff, who taught Piano. Curtis is located in Philadelphia, a city with a thriving music scene itself and relatively close proximity to New York City, Baltimore, and Washington DC.
Average Net Price: $19,002
Percentage Admitted: 5%
#12. Wesleyan University
Outstanding students whose family’s income is under $30k/yr will want to consider Pitzer College. Students in that earnings bracket pay only $985 per year on average, which can actually be paid out of pocket with a summer job or student loans which will total under $4,000 for a 4-year degree. It’s honestly one of the best college deals in the country if you can get into the school. And gaining admission to Pitzer is a little bit easier than a lot of the schools in this ranking given its acceptance rate of 18%. Not many colleges offer as much support to low income students.
Average Net Price: $19,153
Percentage Admitted: 18%
#13. Webb Institute
The Webb Institute is a private college with a focus in engineering. The college is located in Glen Cove, New York. This is a tiny college, with one major. Each of the 98 students majors in Naval Architecture and Marine Engineering. The low net price is due to all students receiving full tuition for four years. The school’s focus is on systems engineering and ship design. Because of the small size, and all students taking the same class, it’s the professors that rotate classrooms rather than the students. All students must work in certain areas of the marine industry for eight weeks during January and february. This practical, hands-on experience ensures that students are ready to start their professional careers upon graduation. Due to the relatively small nature of both the school and the industry, this also provides them the opportunity to become familiar with the places they will likely work upon graduation.
Average Net Price: $19,231
Percentage Admitted: 20%
#14. Swarthmore College
Swarthmore College was founded by Quakers and was one of the first co-educational small colleges in the United States. The school dropped its religious affiliation in the early 20th century and became fully nonsectarian at that time. Unlike many liberal arts colleges, Swarthmore offers an engineering program. This makes it one of the best liberal arts colleges for students interested in engineering. This in addition to other STEM majors like biochemistry, biology, chemistry, mathematics, and physics. Of course you will also find traditional liberal arts majors like philosophy, political science, linguistics, comparative literature, and a variety of languages.
Average Net Price: $19,733
Percentage Admitted: 8%
#15. St. Andrews University
St. Andrews is a small Presbyterian college in North Carolina. St. Andrews offers students a liberal arts core and majors in business, education, health sciences, liberal and creative arts, science, and sports studies. St. Andrews was relatively early to the online programs scene, creating its first online programs in 2007. Most of the programs offered by the school are offered online.
Average Net Price: $19,862
Percentage Admitted: 12%
#16. North Carolina Wesleyan University
This small North Carolina university offers both liberal arts and professional programs. North Carolina Wesleyan is a member of the National Association of Schools and Colleges of The United Methodist Church. The school has about 2,000 students. While the school does offer religious studies, there are many other programs. Students can major in business, various STEM fields, nursing, teacher education and more.
Average Net Price: $20,208
Percentage Admitted: 28%
#17. Kettering College
Kettering is a small Adventist college with a focus on healthcare. Some of the undergraduate degrees are designed to prepare students for graduate study. This includes the health care management degree and the human biology degree. The bachelor’s in nursing degree offers both a prelicensure program and RN to BSN program. There is also a bachelor’s in medical sonography and an associate’s degree in radiologic technology. It’s a small school with a narrow focus, which can make it a great choice for people who know what they want to do.
Average Net Price: $20,366
Percentage Admitted: 25%
#18. Wesleyan University
Wesleyan University was founded by the Methodist Episcopal Church but has since shed its religious ties and is now a non-sectarian university. The small liberal arts university is located in Middletown, Connecticut. Wesleyan boasts many distinguished alumni. Among them 13 Pulitzer Prize winners, 14 Rhodes Scholars, three Truman Scholars, three Guggenheim fellows, 156 Fulbright scholars, seven MacArthur fellows and four Nobel Laureates. Additionally many graduates have had success in American politics.
Average Net Price: $20,535
Percentage Admitted: 19%
#19. The Cooper Union for the Advancement of Science and Art
The Cooper Union has been offering world class education in art, architecture, and engineering since 1859. The school is located in New York City. The ideals of the founder was to provide education for all who wanted it, including the working class, women, and people of any race. Cooper Union may have been one of the most progressive schools of its time and it retains that commitment. Cooper made his school free for the working class. While not quite free these days, Cooper Union’s average net price for those earning under $30,000/yr is just $5,000. This means just $20,000 or less in student loans upon graduation which is remarkable these days.
Average Net Price: $20,757
Percentage Admitted: 15%
#20. Claremont McKenna College
Another of the group of liberal arts colleges located in Claremont, CA. Claremont McKenna is committed to the difficult work of seeking to repair society divisions that threaten mutual understanding. It is ranked #6 in the country for free speech by the Foundation for Individual Rights in Education. The campus culture encourages viewing all the subjects students study through the lens of how they impact modern society. The school is committed to freedom of expression, viewpoint diversity, and constructive dialogue. They call this approach, The Open Academy.
Average Net Price: $21,663
Percentage Admitted: 11%
#21. Wellesley College
Wellesley College is one of the only private women’s colleges left in the United States. The private school is located in Wellesley, Massachusetts. The school does not accept male students. The school does admit transgender women and AFAB non-binary people. This has been the official admissions policy since 2015. Wellesley is one of the top-ranked liberal arts colleges in the United States.
Average Net Price: $21,862
Percentage Admitted: 16%
#22. Thomas University
Thomas University is a small college that offers a lot of online programs. Online programs include administration, computer systems management, human resource management, RN-BSN, social work, and supply chain management. The school offers several law-enforcement related degrees. The recent pandemic in particular demonstrated the need for better supply chain management around the world, making it a very relevant degree.
Average Net Price: $22,972
Percentage Admitted: 29%
#23. Dallas Christian College
Dallas Christian College’s online programs are incredibly affordable and will cut down costs significantly. Tuition for online programs comes out to about $8,000 per year for religiously focused majors. $12,000 per year for other programs. For students living at home this means it is likely fairly easy to cover the entire cost of tuition through financial aid, grants, merit based scholarships, and the like.
Average Net Price: $23,422
Percentage Admitted: 17%
#24. Hillsdale College
Hillsdale College is a small conservative Christian Michigan liberal arts school. Despite their small size the college is home to students from all 50 states and more than a dozen other countries. The college was founded by the baptist church. While the school is no longer affiliated with any denomination, it retains a conservative evangelical system of values on campus and in the classroom.
Average Net Price: $24,057
Percentage Admitted: 24%
#25. Dartmouth College
Dartmouth is the only ivy league university small enough to feature in our ranking. While it’s very difficult to get into Dartmouth, if you can, then you can expect quite good financial aid. The net price for those with family income in the $0-30,000 range is just $6,300 per year. For those in the $30,001-$48,000 bracket it’s just $7,100 per year. The school has a 7:1 student to faculty ratio and it’s one of the best universities in the world.
Average Net Price: $24,078
Percentage Admitted: 6%
#26. Haverford College
Haverford College was founded by the Quakers but is no longer religiously affiliated. The school is part of the tri-college consortium, which also includes Swarthmore and Bryn Mawr. It’s also part of the Quaker Consortium, which includes the University of Pennsylvania. As part of the consortiums, Haverford students can take courses at the other members. This greatly increases the number of courses available to Haverford students. All of the small colleges in the consortium are among the best small colleges in their class.
Average Net Price: $24,462
Percentage Admitted: 18%
#27. Colgate University
Colgate University was founded in the early 19th century by the Baptist Community in New York. Colgate is close to several state parks with great hiking trails. The school is no longer religiously affiliated. The small liberal arts college offers almost exclusively bachelor’s degree programs. However there is a master of arts in teaching offered at the graduate level. While athletics may not be the first thing that comes to mind, many students participate in athletics on some level at Colgate. 25% of students are involved in a varsity sport. 80% of students participate in varsity, club, or intramural athletics.
Average Net Price: $24,500
Percentage Admitted: 17%
#28. Davidson College
Davidson College was founded by the Presbyterian Church more than 180 years ago. It is affiliated with the Presbyterian Church USA to this day. While Davidson only accepts around 18% of applicants, around 30% of early applicants were accepted. So if you’re eying this school, consider going through the early application process to improve your chances. Davidson offers around 27 majors. Students can also design their own major if they wish to tailor their undergraduate degree to their specific needs or interests.
Average Net Price: $25,794
Percentage Admitted: 18%
#29. Washington and Lee University
In addition to Washington and Lee’s well-regarded undergraduate program, the school also has a respected school of law. This makes it a great choice for students who are considering going into law as they can make a seamless transition after graduation if they want to stay at the school. Washington and Lee University is one of the oldest small colleges in the American South. The second oldest in Virginia after William and Mary, which is the second oldest college in the United States after Harvard University.
Average Net Price: $26,063
Percentage Admitted: 19%
#30. Bates College
Bates College is the third oldest college in Maine after Bowdoin College and Colby College. It was founded by an abolitionist and was one of the first universities to admit minority students in the United States. Bates offers courses in the humanities, social sciences, engineering, and natural sciences. The school also offers joint undergraduate programs with Columbia University and Dartmouth College. Both ivy league universities.
Average Net Price: $26,231
Percentage Admitted: 17%
#31. Bowdoin College
Bowdoin is very closely ranked to its sister college above. However it must be noted that Bowdoin’s acceptance rate is just over half that of Bates. In addition to its joint engineering programs with Columbia and Dartmouth, Bowdoin adds CalTech to that list. Bowdoin was founded 26 years before Maine even became a state. 97% of faculty have a terminal degree in their field. Bowdoin also replaced loans with grants in their student aid packages in 2008.
Average Net Price: $26,727
Percentage Admitted: 9%
#32. Hamilton College
Hamilton College is located in Clinton, New York. The college is named for Alexander Hamilton and was founded in 1793, one of the school’s inaugural trustees. Hamilton College is a member of the Oberlin Group of Libraries. Many of the 86 liberal arts colleges with libraries belonging to this group are featured in this ranking. Hamilton offers 55 bachelor’s degrees and also has dual engineering degree programs with Columbia University and Dartmouth College
Average Net Price: $26,803
Percentage Admitted: 14%
#33. Middlebury College
Middlebury College is located in Vermont and was founded in 1800. It was Vermont’s first college. Like many of the liberal arts colleges featured in this ranking, Middlebury offers a dual engineering program with Dartmouth and Columbia. It also offers a dual engineering program with Rensselaer Polytechnic Institute.
Average Net Price: $26,958
Percentage Admitted: 13%
#34. Vassar College
Vassar College was founded as a women’s college in 1861. It became coeducational in 1969. The school’s 1,000 acre campus is located in Poughkeepsie, New York. Vassar has many famous alumni including Noah Baumbach, Anthony Bourdain, Jackie Kennedy, Anne Hathaway, and Meryl Streep. The most popular majors at Vassar are English, political science, psychology, economics, and biology.
Average Net Price: $27,249
Percentage Admitted: 20%
#35. Barnard College
Barnard College is one of the few women’s liberal arts colleges left in the United States. As far as admissions go, Barnard accepts all those who live and identify as women. This does exclude men, transgender men, and nonbinary people, as they are not and do not live as women. It should be noted that Barnard is one of Columbia’s four undergraduate colleges. This allows students enrolled at Columbia to take classes at Barnard. This includes male Columbia students, though all classes may not be open to them.
Average Net Price: $28,366
Percentage Admitted: 11%
#36. University of Richmond
The University of Richmond was founded in 1830 in Richmond, Virginia. The university has schools of arts and sciences, business, leadership studies, law, and professional and continuing studies. All undergraduates start in the school of arts and sciences. They have access to 38 majors and 10 concentrations in the arts and sciences, social sciences, sciences, and humanities. The school of arts and sciences contains 22 departments and 10 interdisciplinary programs. The other undergraduate schools open up to students after one full year of study.
Average Net Price: $28,881
Percentage Admitted: 29%
#37. Smith College
Smith College is a women’s liberal arts college located in Northampton, Massachusetts. Smith’s admissions policy for all applicants is based on self-identification. All those who identify as women, whether cis, trans, or nonbinary women, may apply. You can contact their admissions department directly if you need further clarification. Smith is well known for its progressive, politically active student body, combined with a culture of rigorous academics. The school has 41 academic departments and programs and is structured around an open curriculum. Open curriculum means students can exercise near total control over which courses they take. They can collaborate with faculty to create a personalized degree that is designed to meet their academic goals.
Average Net Price: $29,569
Percentage Admitted: 30%
#38. California Institute of Technology
California Institute of Technology is a STEM-focused private research university. This small private school is one of the most prestigious universities in the United States. While not historically an ivy league institution, Cal Tech is on that level. The undergraduate student population is just under 1,000 and students work closely with their professors throughout their academic career. There is ample opportunity to get involved in research even at the undergraduate level..
Average Net Price: $30,162
Percentage Admitted: 4%
#39. Colorado College
Colorado College is a small liberal arts college situated on a 90-acre campus in Colorado Springs. Colorado College is one of the rare liberal arts colleges with any sports teams in NCAA division I. These are the men’s hockey team and the women’s soccer team. The rest of their teams are division III. The college was founded as a coeducational institution in 1874. Students can choose between 80 majors, minors, and specialized programs. These include feminist and gender studies, Asian studies, biochemistry, environmental science, and neuroscience.
Average Net Price: $30,200
Percentage Admitted: 14%
#40. Massachusetts Institute of Technology
Massachusetts Institute of Technology is the most famous and renowned STEM school in the world. It seems like there is no end to the accomplishments of MIT’s alumni. 98 Nobel laureates, 26 Turing award winners, 58 National Medal of Science winners, and 8 Fields medalists are among its graduates. MIT has been an essential center of technology research for over a century.
Average Net Price: $30,958
Percentage Admitted: 4%
#41. Carleton College
Carleton College is a small liberal arts college in Northfield Minnesota. The college is home to the 800-acre Cowling Arboretum. Students can choose between 34 majors and 39 minors. The school has consistently been ranked #1 in undergraduate teaching. This is great for students who want to make sure that they attend a school where teaching is core to the school’s values. The most popular majors at Carleton are biology, computer science, mathematics, internal relations and affairs, psychology, English, and history.
Average Net Price: $31,718
Percentage Admitted: 18%
#42. Harvey Mudd College
Harvey Mudd College is a liberal arts college with a focus on STEM. Degrees include chemistry, mathematics, physics, computer science, biology, and engineering. The school also offers interdisciplinary majors and joint majors in these subjects. Students can choose an individual program of study or an off-campus major from one of the other Claremont Colleges. However they must complete at least a minor in a technical field at Harvey Mudd.
Average Net Price: $33,836
Percentage Admitted: 10%
#43. Franklin W. Olin College of Engineering
As its name suggests, this college is all about engineering. The school offers degrees in engineering, mechanical engineering, and electrical and computer engineering. Students can further focus their study through engineering concentrations. All three of the major programs are ABET-accredited. 39% of Olin’s alumni have been involved in a startup. 88% of alumni report loving their job.
Average Net Price: $36,494
Percentage Admitted: 18%
#44. Grinnell College
While Grinnell College was founded by the united Church of Christ, it no longer maintains any religious affiliations. Grinnell has placed highly in many third party rankings by U.S. News, Washington Monthly, Princeton Review, and CNBC. Like several of the small colleges featured in this ranking, Grennel offers an engineering dual degree program with Columbia University and Dartmouth College. Engineering dual degree programs are also available with CalTech, Washington University in St. Louis, and Rensselaer Polytechnic Institute.
Average Net Price: $37,423
Percentage Admitted: 11%
#45. Babson College
Babson is a private school in Wellesley, Massachusetts. Babson’s business programs are AACSB accredited. This is the highest professional accreditation for business programs in the United States. In addition to its Massachusetts campus Babson also has a satellite campus in San Francisco. Undergraduate students can do an undergraduate semester experience at this campus. 100% of classes are taught by faculty. The school has a 14:1 student to faculty ratio. 99.5% of students are employed or continuing their education within six months of graduation. The average starting salary for graduates is $62,525 per year.
Average Net Price: $37,559
Percentage Admitted: 25%
Updated By Adam Birch
January 2023
Other articles of interest:
• Forbes Magazine, America’s Top Colleges
• Institute of Education Sciences, National Center for Education Statistics, College Navigator
• Princeton Review, College Rankings
• U.S. News & World Report, Best Colleges Rankings and Lists
SOURCES