<p>Mini, Swarthmore is among the most generous in terms of financial aid of any college in the country & has many non-affluent students. Over 50% receive financial aid for economic reasons and there are also merit scholarships. Smith probably gives many merit scholarships in order to attract top candidates, the all womens colleges have more of a challenge attracting the top students due to the single sex factor.
The 60% figure may include merit money. A telling factor is often the % who attend private v. public schools.</p>