10 Private Colleges With the Lowest Graduating Debt

published 11 November 2010

Amid national concern over the amount of debt college students are taking on, these private institutions -- five universities and five liberal arts colleges -- offer enough financial assistance to keep average student debt to a minimum while offering a great education. It is that combination of quality and affordability that puts these institutions among Kiplinger’s top 200 best values in private colleges and universities.

By Jane Bennett Clark

November 2010

1. Princeton University

Location: Princeton, New Jersey
Overall Rank: (among private universities): 1
Total Annual Cost: $49,780
Average Graduating Debt: $4,957

Princeton’s ground-breaking financial aid policy, which replaced loans with grants, contributes to its number-one ranking for overall value and puts it at the top of the list for average debt on graduation. Students at this Ivy League institution walk away with about one-fifth the average debt of students who borrow at all private schools.

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2. Williams College

Location: Williamstown, Massachusetts
Overall Rank: (among liberal-arts colleges): 3
Total Annual Cost: $53,140
Average Graduating Debt: $7,960

This elite liberal arts college meets 100% of its students’ financial need and admits students regardless of their ability to pay. The school offers no-loan financial aid to families who qualify.

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3. Berea College

Location: Berea, Kentucky
Overall Rank: (liberal-arts colleges): 82
Total Annual Cost: $31,494
Average Graduating Debt: $8,133

You can’t beat scholarships that cover tuition for keeping student debt down. This Kentucky college covers tuition to all accepted students and extends additional grants to students who qualify for need-based aid. Some students borrow to meet other educational costs.

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4. California Institute of Technology

Location: Pasadena, California
Overall Rank: (private universities): 3
Total Annual Cost: $49,002
Average Graduating Debt: $8,218

A longtime leader in limiting student debt, Caltech attracts top students from around the country -- almost 100% of its incoming class scored over 700 on the math SAT, and over 71% scored over 700 on the verbal -- and puts them in close contact with faculty, including five Nobel prize winners.

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5. Claremont McKenna College

Location: Claremont, California
Overall Rank: (liberal-arts colleges): 7
Total Annual Cost: $53,625
Average Graduating Debt: $9,259

One of just five institutions in our top 200 to keep average debt on graduation below $10,000, Claremont McKenna is a member of the Claremont Colleges. Of the seven colleges in the consortium, all five of those that offer an undergraduate degree appear in Kiplinger’s top 50 best values.

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6. Yale University

Location: New Haven, Connecticut
Overall Rank: (private universities): 2
Total Annual Cost: $50,080
Average Graduating Debt: $10,717

With one of the most lavish financial aid packages on both our lists and a stellar graduation rate (97% of students graduate on time), Yale delivers its world-class education affordably and efficiently.

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7. Harvard University

Location: Cambridge, Massachusetts
Overall Rank: (private universities): 6
Total Annual Cost: $53,227
Average Graduating Debt: $10,871

The most competitive school in the country extends need-based financial aid to families with incomes approaching $200,000. Its average aid package is among the highest on our rankings. A Harvard degree? Priceless.

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8. Scripps College

Location: Claremont, California
Overall Rank: (liberal-arts colleges): 25
Total Annual Cost: $53,227
Average Graduating Debt: $11,270

This tiny, all-woman’s school has boosted its grant aid by 10% over the 2009-10 year and offers both need-based and merit-based financial aid. It shares its scenic setting at the foot of the San Gabriel Mountains with the other Claremont colleges, including Pomona and Claremont McKenna.

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9. Amherst College

Location: Amherst, Massachusetts

Overall Rank: (liberal-arts colleges): 8

Total Annual Cost: $52,522

Average Graduating Debt: $11,347

The average financial aid at this top-notch New England school -- $39,451 -- is the highest in our rankings. That generosity, combined with a no-loan financial aid policy, helps keep debt manageable for students who graduate.

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10. Columbia University

Location: New York, New York
Overall Rank: (private universities): 8
Total Annual Cost: $57,192
Average Graduating Debt: $11,564

Set in one of the world’s most expensive cities, Columbia still delivers its Ivy League education while keeping the average student debt at less than half the national average for graduating seniors.