Skip to headerSkip to main contentSkip to footer
Get our Free E-newslettersGet our Free E-newsletters
Kiplinger logoLink to homepage
Get our Free E-newslettersGet our Free E-newsletters
Subscribe to Kiplinger
Subscribe to Kiplinger
Save up to 76%
Subscribe
Subscribe to Kiplinger
  • Store
  • Home
  • Investing
  • Retirement
  • Taxes
  • Personal Finance
  • Your Business
  • Wealth Creation
    • Podcasts
    • Economic Outlooks
    • Tools
    • Kiplinger's Personal Finance Magazine
    • The Kiplinger Letter
    • The Kiplinger Tax Letter
    • Kiplinger's Investing for Income
    • Kiplinger's Retirement Report
    • Store
    • Manage My E-Newsletters
    • My Subscriptions
Skip advert
  • Home
  • College Rankings
College Rankings

10 Best Colleges With the Lowest Average Graduating Debt

Educational quality is key for parents and students as they zero in on a college.

by: Varsha Bansal
February 7, 2016

Thinkstock

Skip advert

Educational quality is key for parents and students as they zero in on a college. But what makes a school really stand out is its ability to provide a high-quality education at a cost that doesn't require students to rack up debt. In 2015-16, the average sticker price for an in-state, four-year public institution, including tuition, fees, and room and board, rose 3.3%, to $19,548 a year, according to the College Board. The average total cost of attendance at private colleges and for out-of-state students at public colleges rose 3.5%, to $43,921 and $34,031, respectively.

These 10 schools meet both challenges by getting students who borrow out the door with the lowest average debt at graduation among the 300 schools on our list of best college values. Surprisingly, eight out of 10 schools on this list are private universities or private liberal arts colleges. While their sticker price may be high, so is their need-based aid, making the total net cost affordable for families who qualify. Take a look.

Skip advert
Skip advert
Skip advert

1 of 10

1. Berea College

Skip advert
  • Location: Berea, Ky.
  • Kiplinger's combined rank: #93 (#49 among liberal arts colleges)
  • Undergraduate enrollment: 1,621
  • Total annual cost: $7,680
  • Average need-based aid: $3,882
  • Students who borrow: 64%
  • SEE ALSO: SLIDE SHOW: 10 Best College Values, 2016

Average debt at graduation: $6,186

This school leads our list of colleges with the lowest average debt for one good reason: At Berea College, no student pays tuition. Although students receive a four-year scholarship, additional financial aid is also available for students who need help with living expenses, such as housing.

Founded by abolitionists and other reformers in 1855, Berea is a work college whose students receive a tuition scholarship of nearly $100,000 over four years. All students work on campus for 10 to 15 hours per week while carrying a full academic load. They can choose from 32 academic majors in the arts, sciences and some professional programs.

Berea, located 35 miles south of Lexington, Ky., only admits students with financial need. Although students receive a four-year scholarship, additional financial aid is also available. The median family income for a Berea student is $29,043.

Skip advert
Skip advert
Skip advert

2 of 10

2. Princeton University

Skip advert
  • Location: Princeton, N.J.

    Average debt at graduation: $6,600

    Kiplinger’s combined rank: #2 (#1 among private universities)

    Undergraduate enrollment: 5,391

    Total annual cost: $58,660

    Average need-based aid: $42,097

    Students who borrow: 17%

    This fourth-oldest college in the country leads our private university rankings for the fourth time. With a highly selective acceptance rate of 7% and a strong graduation rate of 90%, Princeton also gets high marks in our rankings for something else: the generosity of its financial aid. Princeton meets 100% of financial need, and it does so without loans. More than a decade ago, it became the first school to replace student loans with grants. It follows a need-blind admission policy for both domestic and international students, which means a family's financial situation is not considered in determining admission.

Princeton's quality is equally outstanding. Almost three-quarters of incoming freshmen scored 700 or higher on the critical-reading portion of the SAT, and more than three-quarters scored 700 or higher on the math portion. Undergraduates at this elite New Jersey school can choose from 36 academic areas and learn from some of the leading academics in the country or the world. Over the past century, 40 faculty, staff members and alumni affiliated with the university have won the Nobel Prize.

Skip advert
Skip advert
Skip advert

3 of 10

3. Baruch College (CUNY)

Skip advert
  • Location: New York, N.Y.
  • Kiplinger's combined rank: #118 (#43 among public colleges)
  • Undergraduate enrollment: 14,857
  • Total annual out-of-state cost: $34,968 ($24,498 in-state)
  • Average need-based aid: $6,870
  • Students who borrow: 29%

    Baruch is one of two public institutions that appear on this list. Located in the heart of Manhattan, the college provides its students with plenty of networking opportunities, thanks to its proximity to Wall Street, Midtown and the headquarters of major companies. More than 160 years old, Baruch is a senior college in the City University of New York system with 35 undergraduate majors and 93 undergraduate minors.

  • SEE ALSO: SLIDE SHOW: 10 Great Colleges Where Alumni Earn the Most Money

Average debt at graduation: $7,737

The college boasts a diverse student body, representing 164 countries and more than 129 languages. In addition to providing an enriching, culturally diverse experience, Baruch provides need-based financial aid to over 40% of its students. It is one of three colleges on our best values list to keep average debt at graduation under $10,000.

Skip advert
Skip advert
Skip advert

4 of 10

4. California Institute of Technology

Skip advert
  • Location: Pasadena, Calif.
  • Kiplinger’s combined rank: #15 (#7 among private universities)
  • Undergraduate enrollment: 983
  • Total annual cost: $60,084
  • Average need-based aid: $37,557
  • Students who borrow: 32%

Average debt at graduation: $12,104

Renowned for its science and engineering research, Caltech counts 17 Nobel Prize winners among its living alumni; its long list of other notable alums includes astronaut Frank Borman, who led the Apollo 8 mission, and Chester Carlson, who invented photocopying. Caltech is highly selective, with a 9% acceptance rate. Its student-faculty ratio of 3:1 is the lowest of all 300 schools in our rankings.

The sticker price of this West Coast school may look unaffordable at first glance, but the average need-based aid brings the cost to a more manageable $22,527 for students who qualify. Half of the students receive need-based financial aid, and 100% of their need is met.

Skip advert
Skip advert
Skip advert

5 of 10

5. Wellesley College

Skip advert
  • Location: Wellesley, Mass.
  • Kiplinger’s combined rank: #29 (#17 among liberal arts colleges)
  • Undergraduate enrollment: 2,323
  • Total annual cost: $62,140
  • Average need-based aid: $39,988
  • Students who borrow: 52%
  • SEE ALSO: SLIDE SHOW: 10 Best Values in Public Colleges, 2016

Average debt at graduation: $12,956

A private liberal arts college for women, Wellesley College offers 56 departmental and interdepartmental majors, and more than 70% of students participate in an internship while at the school. Its average debt at graduation among students who borrow dropped this year from $14,030 to $12,956, moving it into fifth place on this list. After need-based aid, the average net cost for students who qualify is $22,152, about one-third of the sticker price. Wellesley claims that it has a lasting impact—called the Wellesley Effect—on the women it educates and that those women, in turn, have an impact on the world.

Skip advert
Skip advert
Skip advert

6 of 10

6. Hunter College (CUNY)

Skip advert
  • Location: New York, N.Y.
  • Kiplinger’s combined rank: #173 (#82 among public colleges)
  • Undergraduate enrollment: 16,879
  • Total annual out-of-state cost: $32,771 ($22,301 in-state)
  • Average need-based aid: $6,547
  • Students who borrow: 71%

Average debt at graduation: $13,000

Hunter is the largest college in the City University of New York and also one of the oldest public colleges in the country. Founded in 1870, the college has a diverse student body. Students can choose from over 100 fields of study, ranging from anthropology to women's studies to Arabic.

More than half of the students receive need-based aid, lowering the out-of-state cost for students who qualify from $32,771 to $26,224, on average. While almost three-quarters of students take out loans, the average debt at graduation is about half of the national average of $25,500 among public school borrowers.

Skip advert
Skip advert
Skip advert

7 of 10

7. Brigham Young University

Arbyreed via Flickr

Skip advert
  • Location: Provo, Utah
  • Kiplinger's combined rank: #62 (#21 among private universities)
  • Undergraduate enrollment: 27,163
  • Total annual cost: $18,622 for non-Mormons ($13,472 for Mormons)
  • Average need-based aid: $4,897
  • Students who borrow: 26%
  • SEE ALSO: SLIDE SHOW: 10 Best College Majors for a Lucrative Career

Average debt at graduation: $14,021

Founded and supported by the Church of Jesus Christ of Latter-Day Saints, BYU is the only private university in our rankings with a sticker price of less than $20,000 ($13,472 for Mormons). The already-low average debt at graduation among students who borrow has dropped almost $2,000 since last year. Brigham Young is known for its commitment to Mormon values, including service. It has another claim to fame: one of the biggest school emblems in the country (a 380-foot-high "Y" created with lime, rocks and sand, on the mountain overlooking campus).

Skip advert
Skip advert
Skip advert

8 of 10

8. Williams College

Skip advert
  • Location: Williamstown, Mass.
  • Kiplinger's combined rank: #13 (#6 among liberal arts colleges)
  • Undergraduate enrollment: 2,045
  • Total annual cost: $64,090
  • Average need-based aid: $43,689
  • Students who borrow: 35%

Average debt at graduation: $14,170

This four-year liberal arts college, located three hours from Boston, Mass., continues to make a strong showing in our rankings for its academic quality (including a 98% freshman retention rate and an 89% four-year graduation rate) and generous financial aid. Williams, which accepts about 20% of applicants, follows a need-blind admission policy for domestic students: A family's financial situation does not play a role in determining admission. Once on campus, students can choose from 36 majors in the humanities, natural sciences and social sciences.

Skip advert
Skip advert
Skip advert

9 of 10

9. Amherst College

Skip advert
  • Location: Amherst, Mass.
  • Kiplinger's combined rank: #20 (#11 among liberal arts colleges)
  • Undergraduate enrollment: 1,792
  • Total annual cost: $64,772
  • Average need-based aid: $47,243
  • Students who borrow: 31%
  • SEE ALSO: SLIDE SHOW: 10 Worst College Majors for Your Career

Average debt at graduation: $14,490

Another liberal arts college on our list that follows a need-blind policy, Amherst also applies that policy to international students. Located in a quaint college town, Amherst is a highly selective college, with a 14% acceptance rate. Students can choose from 38 majors in the arts, humanities and social sciences. Its average debt at graduation for students who borrow dropped almost $1,000 this year over last. The average need-based aid brings the net price for students who qualify to $17,529.

Skip advert
Skip advert
Skip advert

10 of 10

10. Yale University

Skip advert
  • Location: New Haven, Conn.
  • Kiplinger's combined rank: #9 (#5 among private universities)
  • Undergraduate enrollment: 5,477
  • Total annual cost: $63,250
  • Average need-based aid: $45,710
  • Students who borrow: 16%

Average debt at graduation: $14,853

One of the top academic institutions in the world, Yale is the alma mater of three U.S. presidents (as undergraduates) and myriad other notables. It has a highly selective admission rate of 6%, and almost 80% of its incoming freshmen scored 700 or higher in the critical-reading and math parts of the SAT. With a stated intent to "attract the most promising students from all economic backgrounds to Yale," this university meets 100% of financial need for students who qualify and follows a no-loan policy in allocating financial aid.

Skip advert
Skip advert
Skip advert
  • college
  • College Rankings
Share via EmailShare on FacebookShare on TwitterShare on LinkedIn
Skip advert
Skip advert
Skip advert
Skip advert

Recommended

When Will Student Loans Be Forgiven?
Paying for College

When Will Student Loans Be Forgiven?

Millions of Americans are waiting for the Biden Administration’s next hint, which could come later this summer, at how he’ll address the student loan …
June 27, 2022
Financial Advice I Would Give My Younger Self – Planning for Education Funding
college

Financial Advice I Would Give My Younger Self – Planning for Education Funding

College 529 plans vs. Roth IRAs: A financial expert shares what she wishes she had known when saving for her own law school and her son’s college. Tak…
June 21, 2022
25 Best College Majors for a Lucrative Career
college

25 Best College Majors for a Lucrative Career

One way to increase your chances of earning a good living is to pick a college major that prepares you to work in a field that pays well. Here are som…
May 31, 2022
How to Split $250,000 in Student Loans in a Divorce
Paying for College

How to Split $250,000 in Student Loans in a Divorce

Before you just sell the house and write a check to pay off your Parent PLUS loans, look at all your options. One could potentially save you a couple …
April 7, 2022

Most Popular

The 15 Best Growth Stocks for the Rest of 2022
growth stocks

The 15 Best Growth Stocks for the Rest of 2022

A sharp selloff in growth stocks this year creates opportunity for keen investors. Here are 15 top-rated picks to consider in the second half of 2022.
June 28, 2022
Your Guide to Roth Conversions
Special Report
Tax Breaks

Your Guide to Roth Conversions

A Kiplinger Special Report
February 25, 2021
Best Internet Banks
online banking

Best Internet Banks

These institutions operate fully online, which decreases their overhead costs and allows them to offer lower fees and higher rates than many other ban…
June 23, 2022
  • Customer Service
  • About Us
  • Advertise With Us (PDF)
  • Privacy Policy
  • Cookie Policy
  • Kiplinger Careers
  • Accessibility
  • Privacy Preferences

Subscribe to Kiplinger's Personal Finance

Be a smarter, better informed investor.
Save up to 76%Subscribe to Kiplinger's Personal Finance
Do Not Sell My Information

Kiplinger is part of Future plc, an international media group and leading digital publisher. Visit our corporate site www.futureplc.com
© Future US LLC, 10th floor, 1100 13th Street NW, Washington, DC 20005. All rights reserved.

Follow us on InstagramFollow us on FacebookFollow us on TwitterConnect on LinkedInConnect on YouTube