Getting an acceptance letter and making it into your dream school takes years of hard work, studying, dedication, planning, and resources. Getting excellent grades, scoring well on standardized exams, dedicating your time to extracurriculars, and submitting a competitive application to admissions are the first grueling steps in the process of attending an Ivy League school. A small pool of students is successful, and once you receive the acceptance letter you have worked so hard for, it is important to make financial plans to pay your tuition.
In the 2023/2024 school year, the 8 Ivy League schools charged the following for tuition (excluding room, board, and other fees):
- Columbia University: $69,045
- Brown University: $68,230
- University of Pennsylvania: $66,104
- Cornell University: $66,104
- Dartmouth University: $65,511
- Yale University: $64,700
- Harvard University: $59,276
- Princeton University: $59,960
These fees are not feasible for all students, but Ivy League schools are diligent in making their tuition costs attainable for their accepted students. Use this article as a guide for tips to make college accessible, even at the highest levels.
Research External Opportunities
Thorough research can make a big difference for students seeking financial aid outside of the Ivy League school’s offerings. Here are some quick facts to note as you consider an Ivy League education:
- Ivy League schools do not award athletic scholarships.
- Ivy League schools only offer need-based financial aid.
- The majority of the Ivy League schools do offer 100% financial aid for students in qualifying circumstances, and demonstrated need is compensated depending on FAFSA information. Students of very high need may qualify for a full ride.
- While the schools do not offer merit scholarships, external merit scholarships are available.
Harvard.edu states, “We determine need based on your family’s income, assets, and overall financial circumstances. You’ll never be required to take on loans, and we don’t factor in home equity or retirement savings when crafting your aid package. Most importantly, your financial situation will not affect your chances of admission to Harvard College.” Columbia, Brown, Dartmouth, University of Pennsylvania, Yale, Princeton, and Cornell make similar claims on their financial aid websites.
Start Early!
While merit-based scholarships are not available from the universities directly, you can still apply to different programs for loans to pay your tuition. Ivy League schools are proud of the limited debt their graduates face, but avoiding debt completely is not possible for every student. Do not wait until the last minute to apply for scholarships or financial aid.
You will need to consider some important questions before submitting applications to external merit-based scholarships. What are your career goals? What are the criteria for each scholarship you are applying to? When are the deadlines for applications? What documents do you need to gather in order to apply? How can you distinguish yourself from other applicants? Who should write your letters of recommendation? Are there additional requirements for submission?
By answering these questions, you can make a thorough plan. Find a scholarship that is tailored to your career or major, understand eligibility criteria, create a scholarship calendar, gather necessary documents, request letters of recommendation, and submit applications on time. Making a plan through thorough research will allow you to submit applications with confidence.
If you are accepted to an Ivy League school, your demonstrated need will dictate your financial aid. Let’s talk about how need-based financial aid works.
Need-Based Financial Aid
The income levels of students who receive 100% tuition coverage through financial aid can vary. Ivy League institutions assess financial needs on a case-by-case basis, taking various factors into account such as family income, size, and other relevant financial details.
If you are curious about your aptitude to qualify for need-based financial aid, here is a surface-level summary of each Ivy League school’s qualifications for full aid, covering tuition, room, and board.
- Columbia University offers free tuition to students from families that earn less than $60,000 per year.
- Cornell University offers free tuition to students from families that earn less than $60,000 per year.
- Brown University offers free tuition to students from families that earn less than $65,000 per year.
- The University of Pennsylvania offers free tuition to students from families that earn less than $65,000 per year.
- Dartmouth University offers free tuition to students from families that earn less than $65,000 per year.
- Yale University offers free tuition to students from families that earn less than $65,000 per year.
- Harvard University offers free tuition to students from families that earn less than $65,000 per year.
- Princeton University offers free tuition to students from families that earn less than $65,000 per year.
Financial aid packages typically include grants, which are funds that do not need to be repaid. Each Ivy League school has its unique financial aid policies and eligibility criteria, and it is important to learn about the income thresholds for full tuition coverage, the composition of financial aid packages, and any merit-based scholarship opportunities that may exist externally.
Need-Blind Admissions
When an institution practices need-blind admissions, the financial need of a student is not taken into consideration when making admission decisions. In other words, the admissions officers review and evaluate applications “blind” to the applicant’s financial background. Your ability to pay for tuition and other associated costs will not positively or negatively impact your chances for acceptance, so the most important factors considered during the admissions process are your academic achievements, unique qualifications, specialized talents, impressive extracurricular activities, and personal qualities.
How does a need-blind system work?
In general, the university’s admissions office operates independently of its financial aid office. Admissions decisions are made without knowledge of the applicant’s financial situation.
Why is this process important?
Need-blind admissions policies are implemented to promote diversity on campus. There must be equal access to higher education and by reviewing applications “blindly,” institutions aim to create a more inclusive and diverse student body. The goal is to make higher education accessible to qualified students, regardless of their ability to pay. After the admissions decisions are made, the financial aid office reviews the financial needs of admitted students separately. Financial aid packages, including grants, scholarships, work-study, and loans, are then offered to eligible students based on their demonstrated need.
Depending on your financial situation, it is likely a good idea to consider applying to different programs offering external scholarships so you can mitigate the financial burden of tuition. Merit-based scholarships may not be offered directly by Ivy League universities, but external opportunities exist for those who seek them.
If you are hoping to submit the most competitive application possible in order to receive an acceptance letter from your dream school, consider working with one of FLEX College Prep’s admissions consultants. Our experts can set you on the pathway to college admission!
Students need to stand out in the competitive admissions landscape. FLEX College Prep is a team of the best strategists in the industry and takes a holistic approach to ensure students use their pre-college years in intentional, enriching, and personally satisfying ways. Since 2001, we’ve worked with families to help students unlock their potential and find happiness, meaning, and success in college and beyond.