Top STEM colleges With Financial & Merit Aid

There's no denying that higher education is expensive. Even if you choose a state university over a private school, tuition costs can be in the thousands each semester. As a result, most American college students use various forms of financial aid to help cover their costs.

STEM majors are in high demand, but earning a STEM degree doesn't have to break the bank. Keep reading to discover some of the top STEM colleges in the U.S. that offer financial and merit aid.

10 STEM Colleges That Offer the Most Merit Aid

Many colleges and universities across the U.S. have strong STEM programs, and of those, many offer merit scholarships and other types of financial aid. Below, we've featured ten of the best colleges offering STEM programs and financial assistance to cover full tuition.

California Institute of Technology

The California Institute of Technology is a private research university in Pasadena, California. Its research is primarily based in STEM fields, and it offers programs in areas of study like:

• biology
• computer science
• engineering
• physics

CalTech is committed to meeting 100% of the financial needs of every student. This is done through a combination of grants and need-based and merit-based scholarships, with students from families making less than $90,000 per year guaranteed to receive a financial aid package without any student loans.

Duke University

Duke University is a private research university in Durham, North Carolina. It runs numerous research projects but is best known for breakthroughs in biomedical engineering and biochemistry.

Like CalTech, Duke meets 100% of the demonstrated need for undergrads. To streamline this process, Duke automatically considers all admitted students for merit scholarships.

Massachusetts Institute of Technology

The Massachusetts Institute of Technology is a private research university in Cambridge, Massachusetts. It's one of the most well-known STEM institutions in the country, with research in electronics, computer science, physics, and more.

MIT meets full financial aid for admitted undergraduate students. Most students with a family income below $140,000 do not pay tuition, and the university offers need-based scholarships to all qualifying students.

Rice University

Rice University is a private research university in Houston, Texas. Its research includes STEM fields like biosciences, information technology, space, and quantum mechanics.

For students with a family income of under $140,000, Rice offers grants to cover full tuition costs. It also offers several merit-based scholarships. Students do not need to apply for these scholarships; the university uses their initial application to assess eligibility.

Stanford University

Stanford University is a private research university in Stanford, California. The research done at Stanford has been responsible for various discoveries and innovations in computer, applied, and natural sciences.

Stanford meets the full demonstrated need, without loans, for every admitted undergrad who qualifies for financial assistance. The university primarily does this through need-based scholarships, although merit-based scholarships are available.

Texas A&M University

Texas A&M University is a public, land-grant, research university in College Station, Texas. It's involved in many high-profile research projects, including scientific exploration projects, and leads the world in several fields of cloning research.

The university offers various need-based and merit-based scholarship opportunities. Additionally, through the Aggie Assurance program, students with family incomes of less than $60,000 are guaranteed to cover full tuition with grants or scholarships.

University of Chicago

The University of Chicago is a private research university in Chicago, Illinois. The university conducts research in many fields, but some STEM advancements made at the University of Chicago include the development of radiocarbon dating and the discovery of REM sleep.

The university's UChicago Empower program guarantees free tuition for families with incomes under $125,000. This is made possible partly through scholarship programs, both need-based and merit-based.

University of Illinois Urbana-Champaign

Just south of the University of Chicago is the University of Illinois Urbana Champaign, a public research university in Champaign, Illinois. It continually leads the way in areas of STEM research like biology and computing.

The university offers a number of merit-based scholarship awards to incoming students. UIUC also offers the Illinois Commitment, through which eligible students will receive a financial aid package that provides scholarship and grant funding to cover the full cost of attendance.

University of North Carolina at Chapel Hill

The University of North Carolina at Chapel Hill is a public research university in Chapel Hill, North Carolina. It's consistently listed on rankings lists of best public universities and conducts a large amount of research in health and medicine.

UNC was the first public institution in the U.S. to offer a merit award. It still offers the Morehead-Cain Scholarship today, which gives recipients a full ride to the university. Additionally, the university's Carolina Covenant program covers tuition costs for eligible students.

Vanderbilt University

Vanderbilt University is a private research university in Nashville, Tennessee. It conducts research into astronomy, mechatronics, chemistry, medicine, and more.

Opportunity Vanderbilt is a need-based financial aid program that covers tuition for students with household incomes under $150,000. The university also offers several merit-based scholarships, with three giving recipients a full ride to the university.

What Is Merit Aid?

Merit aid is financial aid, usually scholarships, given to a student because the student has met specific requirements. They differ from need-based financial aid, which are grants or scholarships given to students who demonstrate financial need.

Merit scholarships are offered largely by private colleges but also by public institutions. Institutions may offer them for things like:

• academic achievement
• athletics
• extracurriculars
• leadership

Sometimes they're offered to members of specific groups, like Hispanic/Latino students or for LGBTQ students. They can also be for specific fields of study, including STEM.

Who Qualifies for Merit Aid?

Who qualifies for merit aid depends on the type of merit aid. For example, an academic achievement scholarship may require a specific high school GPA or ACT or SAT test scores, while an extracurricular scholarship may be for students who excel in theater or are dedicated to community service.

Additionally, some scholarships are for specific types of students. For example, you could have a scholarship just for first-year students, just for transfer students, or just for international students. Some are just for bachelor's degree students, while others are for graduate students.

Most merit scholarships are renewable, but there are often requirements. For example, scholar programs may require maintaining a certain GPA.

How Does Financial Aid Work?

Financial aid is funding used to cover tuition and sometimes additional costs like textbooks or housing. The primary forms of financial aid are grants, scholarships, student loans, and work-study programs.

Most types of financial aid require students to fill out the Free Application for Student Aid (FAFSA) every academic year. The FAFSA determines what financial aid you're eligible for, and most public and private schools require it. The application process takes about an hour.

Who Qualifies for Financial Aid?

There are many types of financial aid, and the eligibility requirements vary. For need-based aid, you typically must have a family income that falls under a specific threshold. Whether you're an in-state or out-of-state student and whether you're studying full-time or part-time can also affect your eligibility.

If you qualify for federal or state aid, you will be notified if you qualify after your application is processed. Many colleges and universities assess your eligibility for institutional financial aid during the college admissions process, meaning you don't always need to fill out an application specifically for financial aid.