<p>To derive these lists I have used Kiplinger’s list of “Top 100” private liberal arts colleges. That list is determined by a combination of academic measures, total cost, and financial aid (both need- and non-need based)</p>
<p>1) taken the percentage of non-need based aid receiving students and multiplied it by the average non-need based aid received to derive a “total merit aid per student” number (this calculation could be made for 97 of the 100 entries on the Kiplinger list)
2) filtered to colleges in OH, IA, MN, WI, MO, and IL (no schools in KS, NE, ND, SD on the source list)
3) pulled off the top 12 (eliminating Wabash, a men-only school)</p>
<p>Thus, these are schools more likely to award higher amounts of merit aid (starting with the most likely).</p>
<p>The College of Wooster, Wooster, OH
DePauw University, Greencastle, IN
Denison University, Granville, OH
Coe College, Cedar Rapids, IA
Hanover College, Hanover, IN
Gustavus Adolphus College, St. Peter, MN
Lawrence University, Appleton, WI
Illinois Wesleyan University, Bloomington, IL
Cornell College, Mount Vernon, IA
Augustana College, Rock Island, IL
College of Saint Benedict, Saint Joseph, MN
Goshen College, Goshen, IN</p>
<p>By these criteria, Oberlin is 18th. I will note that, like Oberlin, Lawrence also has a music conservatory. I will also add that the first seven on this list also finished in the national top 12 for the “total merit aid” calculation at private LAC’s, with the top three also being the top three in the nation (on the source list).</p>
<p>In the next list I have used the same total merit aid calculation but subtracted it from the total annual cost. Again I eliminate Wabash and also Principia, whose mission is educate Christian Scientists. These are schools most likely to be least costly after merit aid is awarded (starting with the least costly).</p>
<p>Hillsdale College, Hillsdale, MI
Hanover College, Hanover, IN
Goshen College, Goshen, IN
Coe College, Cedar Rapids, IA
Cornell College, Mount Vernon, IA
Hope College, Holland, MI
The College of Wooster, Wooster, OH
DePauw University, Greencastle, IN
Augustana College, Rock Island, IL
William Jewell College, Liberty, MO
Gustavus Adolphus College, St. Peter, MN
Knox College, Galesburg, IL</p>
<p>Oberlin falls much further down on this list as it has a relatively high total annual cost. Earlham is not on this list but its non-need based numbers should be available on its common data set. In this listing, The College of Idaho in Caldwell, ID finishes first in the nation but midwestern LAC’s occupy five of the top eight places.</p>
<p>Edit: If you want to scope in PA colleges, Ursinus, Juniata, and Allegheny fair best under the “total merit aid” calculation.</p>
<p>For reference, here is the source list: <a href=“Kiplinger | Personal Finance News, Investing Advice, Business Forecasts”>Kiplinger | Personal Finance News, Investing Advice, Business Forecasts;