In May 2026, Swarthmore College announced an expansion of its financial aid program with the new Swarthmore Tuition Guarantee, an initiative which will take effect beginning in the 2027-2028 academic year.
The Tuition Guarantee will provide aid that covers at least the cost of tuition for students whose families earn $200,000 or less and have “typical” assets. Like the current financial aid program, it may also cover all other costs of attendance, such as housing and food.
Swarthmore’s existing financial aid program already adheres to need-blind admissions practices for domestic students, meaning that a student’s financial standing is not considered during the admissions decision process.
Currently, Swarthmore meets 100% of eligible students’ need, as determined by the college through a holistic review of a household’s financial circumstances. As a result, some families with household incomes above $200,000 may already receive some financial assistance. Tuition aid from the college is also currently provided loan-free, in the form of grants and part-time work-study opportunities.
The Department of Financial Aid evaluates a student household’s ability to pay based on information submitted through their financial aid application, which includes FAFSA (Free Application for Federal Student Aid), CSS (College Scholarship Service) Profile, and tax documents. The review process also incorporates factors such as a family’s cost of living, number of siblings enrolled full-time in four-year undergraduate colleges, and medical expenses, among other considerations.
What Are ‘Typical Assets?’
In addition to assessing household income, the Tuition Guarantee applies specifically to students with “typical” assets, broadly defined by the college.
According to Director of Financial Aid Varo L. Duffins, typical assets for a family can be defined “as savings, investments, and other assets, such as the real estate they own, [which] are generally in line with their income and circumstances, based on what we see among Swarthmore families.”
These assets exclude financial savings and investments that exist outside of a formal and defined retirement account, but also may include the equity of owned businesses, trusts, and partnerships, other real estate, and a capped portion of home equity.
The office says they evaluate these assets holistically as part of a family’s total financial situation.
College Expects More Aid-Need
In the 2025-2026 academic year, 56% of students received financial aid from the college. The average financial decision was $75,268, which covered on average 81% of the total billed costs of attendance.
For the current academic year, the college has an approved $71.1 million financial aid budget, 7.4% higher than the 2025-2026 academic year. The financial aid budget is entirely funded by spending from the endowment, making up roughly 52% of this year’s $136.5 million spending from the college’s $2.8 billion (2025) market-valued endowment.
According to Duffins, the college expects an increase over time in the number of students receiving aid, as well as an increase in financial aid-related expenditures. However, the college has no projection of the specific increase in the portion of the student body receiving aid or the financial impact of the program going forward.
Last March, Swarthmore announced a 5.75% tuition increase for the 2026-27 academic year, rising from $68,766 to $72,722 with the total billed charges of attendance — including the costs of housing, food, and the student activities fee — an increase from $90,692 to $95,770.
Tuition and the total billed charges for the 2026-2027 academic year are listed to remain at $72,722 and $95,770, respectively. However, the college estimates an increase in charges for the 2027-2028 academic year, with tuition rising to $75,994 and overall billed costs of attendance rising to $99,961.
In recent years, several major universities and colleges have announced similar tuition guarantees. Harvard, Caltech, MIT, Princeton, Emory, and the University of Pennsylvania all have tuition guarantees for households earning $200,000 or less with typical assets.
