Davidson College to offer free tuition to households earning $175K or less
Davidson College will offer free tuition to families making $175,000 a year or less starting in 2027, the college announced Monday.
The new financial aid policy specifically applies to new students. Also starting in fall 2027, the school will cover the total cost of attendance, including tuition, fees, housing and meals for students from families making $85,000 or less.
“Our financial aid is extraordinary and rare,” Davidson President Doug Hicks said in a statement Monday. “It is a foundational commitment of the college to make the Davidson experience achievable, accessible and affordable.”
Without aid, Davidson’s tuition will run a first-year student about $73,000. If you add in fees, housing, food and costs like books and transportation, the total estimated cost of attendance for one year is estimated at over $95,000.
Davidson eliminated loans from its financial aid packages in 2007. It also admits domestic students regardless of their ability to pay and commits to meeting 100% of calculated need. It determines that using info from the Free Application for Federal Student Aid, or FAFSA.
The school funds this through a mix of grants provided by the Davidson Trust and on-campus employment. Davidson’s total endowment currently sits at $1.6 billion.
About 70% of Davidson’s current student body receives some form of financial assistance. The average aid package is $66,000.
About 20.5% of Davidson students that just finished their freshman year qualify for Pell Grants, a federal grant program for low-income students pursuing higher education. Typically, those go to students from families that make less than $30,000 to $60,000 annually.
Davidson’s new policy will be based on a family’s adjusted gross income and require that their assets, such as real estate or stocks, are typical for their income level.
A handful of other colleges and universities in the U.S. cover full tuition or full cost of attendance for students with families below a certain income threshold. Almost all of them are highly selective, and Davidson College is no exception. It currently has an acceptance rate of 12.6%.
Duke University offers free tuition to North Carolina and South Carolina residents making below $150,000 a year and covers the total cost of attendance for families making $65,000 a year or less. UNC Chapel Hill offers free tuition for North Carolina residents coming from families with a household income of $80,000 or less.
Davidson’s deal applies to all families with legal U.S. residency, not just North Carolinians.
Under the new plan, Davidson students will continue to apply for financial aid in the same way they have in the past – by filling out the FAFSA and providing other required financial info.
Competitive tuition offers for low and middle-income families is one strategy for attracting the best students, especially as the number of 18-year-olds is expected to decline until 2041, according to a 2024 report from The Western Interstate Commission on Higher Education.
“What we currently have is an oversupply of higher education seats as opposed to demand,” Mark Heckler, a senior consultant at the Association of Governing Boards of Universities and Colleges, told The Observer in October.
So, as the U.S. college population begins a projected 15-year decline, the nation’s most elite schools are all vying for top talent.