Forbes recognizes Luther College as one of the nation’s best private schools for financial aid

Forbes has named Luther College to its list of “25 Private Schools with Generous Financial Aid,” part of Forbes’ annual top colleges ranking.

Luther College is the only Iowa college to be included on Forbes’ list of “25 Private Schools with Generous Financial Aid.”

The special recognition includes schools that offer “stand-out scholarship packages” for undergraduates. Luther is among the 20 colleges on the Forbes list that offer financial aid to 100 percent of its students.

“This recognition affirms what we’ve long known: Luther students receive an outstanding education — one that prepares them for meaningful lives and careers — without being burdened by insurmountable debt,” said Matt Beatty, vice president for enrollment management. “That doesn’t happen by accident. It’s the result of careful stewardship, alumni support, and a deep belief in the transformative power of a Luther education.”

In fall 2024, Luther awarded $48.2 million in gift aid to its student body. For the fall 2024 entering class, the average need-based financial aid offer was $51,868 — approximately 80% of tuition, fees, room and board.

For students enrolling in fall 2026, Luther is offering merit scholarships worth up to $37,000 per year. Students may also earn talent scholarships in music, theatre and dance. More than 850 different scholarship funds undergird Luther’s generous aid packages.

Since 2022, Luther College’s Impact Award has paid full tuition for four years for qualifying students. The program was first extended to Iowa students. Minnesota was added in 2023 and Wisconsin in 2024. This year, this program has been expanded to the state of Illinois.

More than 65 high-achieving students from families with demonstrated financial need have benefitted from the Luther College Impact Award. Nearly half of those students are the first in their families to attend college.

“At a time when the value of higher education is being questioned and when the way colleges price tuition can often feel opaque, Luther has stayed true to its mission,” Beatty said. “We believe that access, academic excellence and affordability must remain at the heart of every student’s selection process. I’m incredibly proud to represent an institution that chooses to meet this moment not with scarcity, but with generosity.”

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