Ivies & Top-Tier Schools Waive Tuition

We've all seen it before in movies and television: the "heartbreaking tale" of the bright, talented, and aspirational young adult who rises above their situation and gets into the Ivy League but can't go because the kid is poor, and the college is just way too expensive.

Such an unfortunate situation, ... and also wildly inaccurate, if not completely false and misleading. 

The college admissions process and the price of a degree is not an uncommon point of discussion for American families, and those situations have been an increasing point of concern for decades now. The affordability crisis hits in all sorts of ways, but the affordability of a university education, especially at elite schools like the Ivy League, is an often-misunderstood concept. And, I regularly come across online posts and stories -- and, of course, the annoying Hollywood distortions -- about a kid "getting into their dream school," but turning it down because they can't afford it.

Here's the deal -- a kid growing up in poverty who gains admission to the Ivy League, or elite schools such as the University of Chicago, will likely go to college for free. Elite schools with huge endowments (Yale University's is nearly $50 billion) provide extensive financial aid on a need basis. And, for schools like Penn, tuition is waived completely for families making less than $200,000 annually. 

Starting in the 2025-26 academic year, the University of Pennsylvania (Penn) is offering free tuition to undergraduate students from families with annual incomes up to $200K through its "Quaker Commitment" initiative. For families earning up to $75,000 the aid package also covers housing and dining.

This is part of what Penn calls its "Quaker Commitment." 

While the sticker price for major universities can be eye-popping, it's important to note how few students and families are actually paying full tuition at numbers like $80,000 a year. In fact, at Harvard and many, if not most, of the Ivies, as much 60% of students receive 50% financial aid or greater. Now, that said, half-off of the tuition can still be tens of thousands of dollars a year, and families still face large bills for room and board. But, it's important for families to understand the actual details. And the online Net Price Calculator is quite helpful and pretty accurate in letting students know what they will actually pay.