#38 instead of its assigned rank of #90. Admissions Admissions For Fall 2016, the freshman class had 357 students. 10% were valedictorians of their high school classes and another 2% were salutatorians. 32% ranked in the top 5% of their class. The median scores on their SAT tests were 680 math, 710 verbal, and 680 writing, which puts them at the 96th percentile. The class was drawn from the largest pool ever—5,705 applicants—and was the most selective in Reed's history, with an admittance rate of 31%. , to increase student enrollment from historically underrepresented minorities, Reed encourages they apply for the college's "Discover Reed Fly-In Program", an all-inclusive, all-expenses-paid, multi-day campus tour and open to all high school seniors who are US citizens or permanent residents, regardless of their race or ethnicity. Tuition and finances The total direct cost for the 2018–19 academic year, including tuition, fees and room-and-board, was $70,550. Indirect costs (books, supplies, transportation, personal expenses) can tack on another $3,950. For the 2017–18 academic year, the average financial aid package – including grants, loans, and work opportunities – was approximately $45,325". In 2017–18 about half of students received financial aid from the college. In 2004, 1.4% of Reed graduates defaulted on their student loans – below the national Cohort Default Rate average of 5.1%. Reed's endowment as of June 30, 2021, was $779 million. In the economic downturn that began in late 2007, Reed's total endowment had declined from $455 million in June 2007 to $311 million in June 2009. By the end of 2013, however, the endowment surpassed the $500 million mark. Academic honors Reed has produced the second-highest number of Rhodes scholars for any liberal arts college—32—as well as over fifty Fulbright Scholars, over sixty Watson Fellows, and two MacArthur ("Genius") Award winners. A very high proportion of Reed graduates go on to earn PhDs, particularly in the natural sciences, history, political science, and philosophy. Reed is ranked third in the percentage of graduates who go on to earn PhDs in all disciplines, after only Caltech and Harvey Mudd. In 1961, Scientific American declared that second only to Caltech, "This small college in Oregon has been far and away more productive of future scientists than any other institution in the U.S." Reed is ranked first in producing PhDs in biology, second in chemistry and humanities, third in history, foreign languages, and political science, fourth in