As college tuition rises to record highs and student loan debt continues to climb, many U.S. colleges and universities are now offering students some form of tuition assistance.
According to the latest U.S. student loan statistics, more than 44 million borrowers in the U.S. collectively owe $1.5 trillion in student loans. The average student loan debt for 2016 graduates was $37,172, and for 2017 graduates it was nearly $40,000.
To reduce students' debt burden, many colleges have implemented "No student loans" financial aid policies in addition to tuition waivers.
The "No student loans" financial aid plan typically seeks to replace student loans with grants or scholarships that do not need to be repaid. However, "No student loans" does not necessarily mean the college eliminates student loans entirely from the financial aid package; some universities require students to complete a minimum student contribution or part-time work as a form of compensation.
75 U.S. Colleges That Offer Tuition Waivers
According to Forbes, the following 75 colleges (in alphabetical order) offer undergraduates tuition waivers or "No student loans" financial aid policies.
1. Alice Lloyd College
- Alice Lloyd students receive free tuition.
- Students must work on campus or in the local community at least 160 hours per semester.
2. Amherst College
- This year, Amherst provided over $50 million in scholarships to 55% of its students. In its financial aid packages, Amherst replaces all loans with scholarship grants.
3. Appalachian State University
4. Arizona State University
5. Berea College
- Every student receives a four-year tuition scholarship.
- Each student must work 10 hours per week.
6. Boston University
7. Bowdoin College
- Over 50% of the Class of 2021 received financial aid that did not need to be repaid.
8. Brown University
- Starting from the 2018-2019 academic year, Brown replaced student loans with scholarships (which do not need to be repaid).
9. Bryan College
10. California Institute of Technology
11. Colby College
12. College of the Holy Cross
13. College of the Ozarks
- Students at College of the Ozarks receive free tuition.
- Each student must work 15 hours per week.
14. College of William & Mary
15. Colorado State University-Pueblo
16. Columbia University
- For students with family incomes below $60,000 and typical assets, parents are not expected to contribute to attendance costs.
- 50% of Columbia students receive Columbia-funded aid.
17. Connecticut College
18. Cornell University
- Students with family incomes below $60,000 and total assets below $100,000 (including primary home equity) will receive no parent contribution.
19. Dartmouth College
- Students from families with total income below $100,000 and typical assets receive free tuition.
20. Davidson College
21. Duke University
- Students from families with incomes at or below $60,000 and typical assets are not expected to have a parent contribution.
22. Grinnell College
23. Emory University
24. Fairfield University
25. Georgia Institute of Technology
26. Harvard University
- Most students graduate debt-free, and Harvard does not expect its students to take out loans as part of the financial aid package.
- Students from families with incomes between $65,000 and $150,000 typically contribute 0-10% of their income toward tuition.
27. Haverford College
28. Indiana University Bloomington
29. Johns Hopkins University
30. Kenyon College
31. Lafayette College
32. Lamar University
33. Lehigh University
34. Macaulay Honors College at CUNY
- Every student receives a merit-based, tuition-free scholarship to attend this liberal arts college.
Students also receive a laptop, cultural passport, and opportunity fund.
35. Massachusetts Institute of Technology
36. University of Miami
37. Michigan State University
38. North Carolina State University
39. Northern Illinois University
40. Northwestern University
- In the 2016-17 academic year, the university awarded $144 million in undergraduate aid; approximately 45% of undergraduates received Northwestern scholarships.
41. Oberlin College
42. Pomona College
- Students are not required to borrow to cover the cost of attending Pomona.
43. Princeton University
- Students from families with incomes below $65,000 are eligible for full tuition, room, and board.
44. Rice University
- For students with family incomes between $65,000 and $130,000, Rice offers full-tuition scholarships.
- For students with family incomes below $65,000, Rice covers tuition, room and board, and any other fees.
- For students with family incomes between $130,000 and $200,000, Rice provides grants covering at least 50% of tuition.
45. Sacred Heart University
46. Stanford University
- Stanford does not expect students to borrow student loans to cover college costs. Stanford scholarships serve as the primary funding source to help students pay for educational expenses.
47. Swarthmore College
- Nearly 60% of the enrolled class receives need-based Swarthmore scholarship assistance.
48. Texas A&M
- Through the Aggie Assurance program, students from families with incomes below $60,000 receive scholarships and grants to cover basic tuition and fees.
49. Texas State University - San Marcos
50. Tufts University
- Students from families with incomes below $60,000 typically receive a financial aid package with no student loans.
- Tufts' grant aid exceeded $70 million in the 2015-16 academic year, making it the largest source of undergraduate grant assistance.
51. University of Arizona
52. University of California, Berkeley
53. University of Chicago
- Need-based financial aid does not include loans.
- Financial aid is awarded as grants, which do not need to be repaid.
54. University of Florida
55. University of Illinois Urbana-Champaign
56. University of Louisville
57. University of Maryland, College Park
58. University of Michigan, Ann Arbor
59. University of Minnesota
60. University of North Carolina
Students from families with incomes below 200% of the federal poverty line (about $48,500 for a family of four) may qualify for The Carolina Covenant.
61. University of Pennsylvania
- The grant-based program provides financial aid awards that include grants and work-study, excluding loans.
62. University of Tennessee
63. University of Texas at El Paso
64. University of Toledo
65. University of Vermont
66. University of Virginia
67. University of Washington
68. Vanderbilt University
- Vanderbilt provides additional grants instead of need-based student loans.
- Vanderbilt's grant assistance is not contingent on or limited by family income.
69. Vassar College
70. Washington and Lee University
71. Washington University in St. Louis
- Students from families with incomes below $75,000 receive grants that do not need to be repaid (instead of student loans).
72. Wellesley College
- Wellesley students with the greatest financial need are not required to take out student loans.
- For many other students, Wellesley has reduced the loan component of their packages by one-third.
73. Wesleyan University
- Most students from families with incomes below $60,000 will receive a financial aid package with no loans.
- Most students from families with incomes between $60,000 and $80,000 receive reduced loans.
74. Williams College
- Students from families with incomes below $75,000 and typical assets receive a no-loan financial aid package.
75. Yale University
- Yale does not expect students to take on student loans.
- Yale's financial aid award includes a Yale scholarship, parent contribution, etc.
