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Top 15 Most Famous Colleges For Wealthy People In The US. Photo KnowInsiders

Throughout American history, attending university has resulted in increased social and economic mobility. However, while colleges can help low-income individuals increase their earning power and reduce overall income inequality, many universities cater to the wealthy, attracting mostly students from high-income families. These colleges are typically small, private institutions with low student-to-faculty ratios and liberal arts curricula.

According to New York Times research, several of the 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 bottom 60% of the income scale combined.

While elite schools cater to the wealthy, schools with the wealthiest student bodies vary in terms of selectiveness and competitiveness. Wealthy schools such as the University of Notre Dame, Washington and Lee University, and Boston College are among the most difficult to gain admission to, whereas schools such as Massachusetts Maritime Academy, Saint Michael's College, and Roger Williams University are less selective, with acceptance rates exceeding 85%.

♦ Check More: Top 10 Elite Colleges For Richest Students In The US

Top 15 Most Famous Colleges For Wealthy People In The US

1. Union College (Schenectady, NY)

Median family income of student body: $113,111

Published tuition and fees: $59,502

Acceptance rate: 41.3%

2. Fairfield University (Fairfield, CT)

Median family income of student body: $117,152

Published tuition and fees: $51,325

Acceptance rate: 56.1%

READ MORE: Top 10 Richest And Wealthiest States in America Today

3. Elon University (Elon, NC)

Median family income of student body: $112,797

Published tuition and fees: $37,921

Acceptance rate: 71.7%

4. 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

5. Stevens Institute of Technology (Hoboken, NJ)

Median family income of student body: $117,032

Published tuition and fees: $55,952

Acceptance rate: 53.1%

6. Washington and Lee University (Lexington, VA)

Median family income of student body: $115,740

Published tuition and fees: $57,285

Acceptance rate: 24.5%

7. 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%

8. 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%

9. 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

10. Saint Michael’s College (Colchester, VT)

Median family income of student body: $111,920

Published tuition and fees: $48,175

Acceptance rate: 87.8%

11. University of Dayton (Dayton, OH)

Median family income of student body: $114,495

Published tuition and fees: $44,890

Acceptance rate: 81.1%

12. Worcester Polytechnic Institute (Worcester, MA)

Median family income of student body: $114,021

Published tuition and fees: $54,416

Acceptance rate: 59.0%

13. High Point University (High Point, NC)

Median family income of student body: $111,649

Published tuition and fees: $38,080

Acceptance rate: 77.0%

14. Oberlin College (Oberlin, OH)

Median family income of student body: $111,580

Published tuition and fees: $58,554

Acceptance rate: 35.4%

15. 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%

Conclusion

Some of the wealthiest schools have luxury amenities that make the stereotype of the "broke college student" seem out of place. Higher admission rates are associated with three factors: legacy preferences for children of alumni, higher non-academic ratings, and athletic recruitment.

The list of Most Famous Colleges For Wealthy People In The US above is compiled based on median family income of student body. All colleges in the list have median family income of student body more than $110,000.

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