Throughout U.S. history, attending university has led to upward social and economic mobility. But while colleges can help increase the earning power of low-income individuals and reduce income inequality overall, many universities cater to the wealthy, attracting mostly students from high-income homes. These colleges are often small, private schools with low student-to-faculty ratios and liberal arts curricula.
To determine the colleges with the wealthiest student bodies, 24/7 Wall St. reviewed data on family income of college students from the U.S. Department of Education. Colleges and universities were ranked based on median family income of enrolled students that entered school between July 1, 2016 and June 30, 2017.
According to research from the New York Times, several colleges on this list — Washington and Lee University, Bucknell University, Kenyon College, Elon University, Boston College, Muhlenberg College, Lafayette College, and the University of Notre Dame — have more students enrolled from the top 1% of wealthy families than students from the entire bottom 60% of the income scale.
While elite schools tend to cater to the rich, the schools with the wealthiest student bodies range in selectiveness and competitiveness. Wealthy schools like the University of Notre Dame, Washington and Lee University, and Boston College are among the hardest colleges to get into, while schools like Massachusetts Maritime Academy, Saint Michael’s College, and Roger Williams University are less selective, with acceptance rates above 85%. (This is America’s most selective college.)
And while many of these schools carry a high price tag in tuition and fees, they offer generous help in the form of institutional financial aid. In recent decades, universities have increasingly offered financial aid to students from high-income families who may not need it, likely in the hopes of attracting a wealthy student body that may give back to the schools through alumni donations. At all 40 of the schools with the wealthiest student bodies, the average undergraduate received more financial aid than the national average. (These are the highest and lowest paying college majors in America.)
Some of the schools with the wealthiest student bodies have luxury amenities that make the “broke college student” stereotype seem out of place. The recently-renovated campus of High Point University in North Carolina, for example, includes five outdoor pools, a complimentary movie theater, and a steakhouse. At Oberlin College in Ohio, students can rent famous artworks by artists like Picasso, Lichtenstein, and Dali from the local art museum to keep in their dorms for just $5.
Click here to see the most popular colleges for rich people
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40. Boston College (Chestnut Hill, MA)
> Median family income of student body: $103,007
> Published tuition and fees: $60,202
> Acceptance rate: 26.4%
> Most popular major: Social sciences
> Undergraduate enrollment: 9,780
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39. Assumption University (Worcester, MA)
> Median family income of student body: $103,301
> Published tuition and fees: $43,978
> Acceptance rate: 80.9%
> Most popular major: Business, management, marketing, and related support services
> Undergraduate enrollment: 2,027
38. Roger Williams University (Bristol, RI)
> Median family income of student body: $103,565
> Published tuition and fees: $38,274
> Acceptance rate: 86.0%
> Most popular major: Business, management, marketing, and related support services
> Undergraduate enrollment: 4,346
37. Rose-Hulman Institute of Technology (Terre Haute, IN)
> Median family income of student body: $105,358
> Published tuition and fees: $52,914
> Acceptance rate: 76.6%
> Most popular major: Engineering
> Undergraduate enrollment: 1,972
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36. Muhlenberg College (Allentown, PA)
> Median family income of student body: $105,406
> Published tuition and fees: $54,600
> Acceptance rate: 62.2%
> Most popular major: Business, management, marketing, and related support services
> Undergraduate enrollment: 2,046
35. Quinnipiac University (Hamden, CT)
> Median family income of student body: $106,326
> Published tuition and fees: $50,760
> Acceptance rate: 82.4%
> Most popular major: Health professions and related programs
> Undergraduate enrollment: 6,843
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34. The College of New Jersey (Ewing, NJ)
> Median family income of student body: $106,390
> Published tuition and fees: $16,029
> Acceptance rate: 51.3%
> Most popular major: Business, management, marketing, and related support services
> Undergraduate enrollment: 7,105
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33. Bentley University (Waltham, MA)
> Median family income of student body: $106,566
> Published tuition and fees: $53,790
> Acceptance rate: 57.8%
> Most popular major: Business, management, marketing, and related support services
> Undergraduate enrollment: 4,061
32. Sacred Heart University (Fairfield, CT)
> Median family income of student body: $106,612
> Published tuition and fees: $44,350
> Acceptance rate: 65.5%
> Most popular major: Health professions and related programs
> Undergraduate enrollment: 6,417
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31. College of the Holy Cross (Worcester, MA)
> Median family income of student body: $106,778
> Published tuition and fees: $54,770
> Acceptance rate: 37.9%
> Most popular major: Social sciences
> Undergraduate enrollment: 2,970
30. University of Delaware (Newark, DE)
> Median family income of student body: $107,128
> Published tuition and fees: $14,660
> Acceptance rate: 66.0%
> Most popular major: Business, management, marketing, and related support services
> Undergraduate enrollment: 19,328
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29. Bucknell University (Lewisburg, PA)
> Median family income of student body: $107,136
> Published tuition and fees: $58,202
> Acceptance rate: 37.5%
> Most popular major: Social sciences
> Undergraduate enrollment: 3,695
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28. Gettysburg College (Gettysburg, PA)
> Median family income of student body: $107,338
> Published tuition and fees: $58,500
> Acceptance rate: 48.2%
> Most popular major: Social sciences
> Undergraduate enrollment: 2,507
27. Marist College (Poughkeepsie, NY)
> Median family income of student body: $107,457
> Published tuition and fees: $42,290
> Acceptance rate: 55.0%
> Most popular major: Business, management, marketing, and related support services
> Undergraduate enrollment: 5,682
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26. Rhodes College (Memphis, TN)
> Median family income of student body: $108,000
> Published tuition and fees: $50,910
> Acceptance rate: 51.4%
> Most popular major: Social sciences
> Undergraduate enrollment: 1,840
25. Saint Joseph’s University (Philadelphia, PA)
> Median family income of student body: $108,285
> Published tuition and fees: $47,940
> Acceptance rate: 80.1%
> Most popular major: Business, management, marketing, and related support services
> Undergraduate enrollment: 4,299
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24. Massachusetts Maritime Academy (Buzzards Bay, MA)
> Median family income of student body: $108,367
> Published tuition and fees: $11,687
> Acceptance rate: 92.5%
> Most popular major: Engineering
> Undergraduate enrollment: 1,538
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23. Butler University (Indianapolis, IN)
> Median family income of student body: $109,207
> Published tuition and fees: $43,400
> Acceptance rate: 75.7%
> Most popular major: Business, management, marketing, and related support services
> Undergraduate enrollment: 4,492
22. Loyola University Maryland (Baltimore, MD)
> Median family income of student body: $109,588
> Published tuition and fees: $51,100
> Acceptance rate: 80.2%
> Most popular major: Business, management, marketing, and related support services
> Undergraduate enrollment: 3,822
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21. Kenyon College (Gambier, OH)
> Median family income of student body: $109,674
> Published tuition and fees: $55,020
> Acceptance rate: 36.9%
> Most popular major: Social sciences
> Undergraduate enrollment: 1,615
20. Gonzaga University (Spokane, WA)
> Median family income of student body: $110,000
> Published tuition and fees: $46,920
> Acceptance rate: 72.9%
> Most popular major: Business, management, marketing, and related support services
> Undergraduate enrollment: 4,852
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19. Villanova University (Villanova, PA)
> Median family income of student body: $110,409
> Published tuition and fees: $57,460
> Acceptance rate: 30.7%
> Most popular major: Business, management, marketing, and related support services
> Undergraduate enrollment: 7,037
18. Bryant University (Smithfield, RI)
> Median family income of student body: $110,617
> Published tuition and fees: $46,863
> Acceptance rate: 75.8%
> Most popular major: Business, management, marketing, and related support services
> Undergraduate enrollment: 3,281
17. Lafayette College (Easton, PA)
> Median family income of student body: $111,341
> Published tuition and fees: $55,742
> Acceptance rate: 35.6%
> Most popular major: Social sciences
> Undergraduate enrollment: 2,514
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16. Stonehill College (Easton, MA)
> Median family income of student body: $111,481
> Published tuition and fees: $46,642
> Acceptance rate: 69.0%
> Most popular major: Business, management, marketing, and related support services
> Undergraduate enrollment: 2,428
15. Oberlin College (Oberlin, OH)
> Median family income of student body: $111,580
> Published tuition and fees: $58,554
> Acceptance rate: 35.4%
> Most popular major: Visual and performing arts
> Undergraduate enrollment: 2,647
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14. High Point University (High Point, NC)
> Median family income of student body: $111,649
> Published tuition and fees: $38,080
> Acceptance rate: 77.0%
> Most popular major: Business, management, marketing, and related support services
> Undergraduate enrollment: 4,628
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13. Hobart and William Smith Colleges (Geneva, NY)
> Median family income of student body: $111,824
> Published tuition and fees: $58,650
> Acceptance rate: 61.8%
> Most popular major: Social sciences
> Undergraduate enrollment: 1,824
12. Saint Michael’s College (Colchester, VT)
> Median family income of student body: $111,920
> Published tuition and fees: $48,175
> Acceptance rate: 87.8%
> Most popular major: Business, management, marketing, and related support services
> Undergraduate enrollment: 1,537
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11. University of Notre Dame (Notre Dame, IN)
> Median family income of student body: $112,232
> Published tuition and fees: $57,699
> Acceptance rate: 19.0%
> Most popular major: Business, management, marketing, and related support services
> Undergraduate enrollment: 8,874
10. Elon University (Elon, NC)
> Median family income of student body: $112,797
> Published tuition and fees: $37,921
> Acceptance rate: 71.7%
> Most popular major: Business, management, marketing, and related support services
> Undergraduate enrollment: 6,291
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9. Union College (Schenectady, NY)
> Median family income of student body: $113,111
> Published tuition and fees: $59,502
> Acceptance rate: 41.3%
> Most popular major: Social sciences
> Undergraduate enrollment: 2,047
8. Worcester Polytechnic Institute (Worcester, MA)
> Median family income of student body: $114,021
> Published tuition and fees: $54,416
> Acceptance rate: 59.0%
> Most popular major: Engineering
> Undergraduate enrollment: 4,892
7. University of Dayton (Dayton, OH)
> Median family income of student body: $114,495
> Published tuition and fees: $44,890
> Acceptance rate: 81.1%
> Most popular major: Business, management, marketing, and related support services
> Undergraduate enrollment: 8,644
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6. The Catholic University of America (Washington, DC)
> Median family income of student body: $114,619
> Published tuition and fees: $49,416
> Acceptance rate: 82.2%
> Most popular major: Business, management, marketing, and related support services
> Undergraduate enrollment: 3,055
5. Washington and Lee University (Lexington, VA)
> Median family income of student body: $115,740
> Published tuition and fees: $57,285
> Acceptance rate: 24.5%
> Most popular major: Social sciences
> Undergraduate enrollment: 1,822
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4. Stevens Institute of Technology (Hoboken, NJ)
> Median family income of student body: $117,032
> Published tuition and fees: $55,952
> Acceptance rate: 53.1%
> Most popular major: Engineering
> Undergraduate enrollment: 3,791
3. Fairfield University (Fairfield, CT)
> Median family income of student body: $117,152
> Published tuition and fees: $51,325
> Acceptance rate: 56.1%
> Most popular major: Business, management, marketing, and related support services
> Undergraduate enrollment: 4,354
2. Providence College (Providence, RI)
> Median family income of student body: $121,853
> Published tuition and fees: $54,388
> Acceptance rate: 53.9%
> Most popular major: Business, management, marketing, and related support services
> Undergraduate enrollment: 4,298
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1. Saint Anselm College (Manchester, NH)
> Median family income of student body: $123,136
> Published tuition and fees: $42,840
> Acceptance rate: 76.2%
> Most popular major: Health professions and related programs
> Undergraduate enrollment: 2,019
Methodology
To determine the colleges with the wealthiest student bodies, 24/7 Wall St. reviewed data on family income of college students from the U.S. Department of Education. Colleges and universities were ranked based on median family income of enrolled students that entered school between July 1, 2016 and June 30, 2017.
Only schools with at least 1,000 undergraduates enrolled as of fall 2020 were considered. Supplemental data on undergraduate enrollment, published tuition and fees for the 2020-2021 academic year, acceptance rate for the 2020-2021 academic year, and the most popular major among students receiving federal financial aid for the 2018-2019 school year also came from the Department of Education.
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