<p>Let’s switch for a moment off the Ivies and go to the #1 ranked LAC. Here are the financial aid data for Williams:</p>
<p>(First figure is first-year students, second is all undergrads)
Need-based aid
Students who applied for financial aid 60% 51%
Those determined to have financial need 49% 44%
Students whose need was fully met (excluding PLUS or other private loans) 100% 100%
Avg. financial aid package (% awarded aid) $31,653 (49%) $30,309 (44%)
Avg. need-based scholarships or grants (% awarded aid) $29,507 (48%) $27,189 (43%)
Avg. self-help aid, such as work study or loans (% awarded aid) $2,258 (49%) $3,470 (44%)
Avg. need-based loan (excluding PLUS or other private loans) $2,128 $2,976
% need met (of those awarded need-based aid) 100% 100%</p>
<p>Non-need-based aid
Avg. merit award (% awarded aid) $0 (0%) $0 (0%)
Avg. athletic scholarship (% awarded aid) $0 (0%) $0 (0%)</p>
<p>Not exactly a majority. Those figures tell me that there are lots of kids who are paying full price, or whose parents have borrowed unknown amounts of money to swing it. </p>
<p>Not to mention that for the average financial aid recipient, they are not only paying for the balance after their EFC, but they are footing over $6400/year in self-help aid (student loans and work study).</p>