Illustration of figures beneath a graduation cap
Illustration by Michael Austin

“The all-grant initiative is a major new step on our path toward true affordability. It’s all part of ensuring that the exceptional students we admit can focus on what they’ll learn—not what they and their families earn.”

Liz Creighton ’01, dean of admission and student financial services

In April, Williams unveiled the nation’s first all-grant financial aid program. Starting with the fall 2022 semester, the college will replace loans and required campus and summer jobs with grant funds, dollar for dollar, that don’t have to be repaid. The initiative is the latest step toward the college’s goal of true affordability for students receiving financial aid.


$35,000 in additional support over four years for the average middle-income family receiving aid.

$16,000 in additional support over four years for the average low-income family receiving aid (loans were already eliminated for this group).

$5.75 million is the annual cost to the college, plus $1 million to cover recent changes to the financial aid formula that reduce the amount many middle- and low-income families are asked to contribute.


$77.5 million is the total budget.

$67,000 is the average aid package.

53% of students receive financial aid, of whom 19% pay nothing.