by our College Data Analytics TeamThe majority of college students don’t pay the full price for their education, as financial aid packages, including scholarships, grants, loans, and work-study opportunities, help to offset the costs.
However, some types of financial aid are definitely more desireable than others, and some students will receive more aid than others.Find out more by scrolling down the page.
$13,280.00 is the typical American Academy of Art’s first year financial aid package. 95% of reshman students get financial aid, most of which is in the form of grants and scholarships
Student loans come included in financial aid packages, however, the only true discount off of the price of college is a grant or scholarship that you do not need to pay back.
We feel that loan debt ought to be regarded as a consequence instead of true financial aid. Learn more on student loan debt at American Academy of Art.
Financial awards given by a college or university to its students, known as institutional scholarships and grants, help to offset the cost of tuition and other education-related expenses. These awards fall into two categories: merit-based and need-based, and they do not need to be paid back. Merit-based institutional scholarships are granted to students who have shown outstanding academic accomplishments, special talents, or abilities in a particular field. Factors such as high school performance, standardized test results, or involvement in extracurricular activities often contribute to these scholarship decisions. Conversely, need-based institutional grants cater to students who demonstrate financial need. The awarded amount is typically based on the student’s family’s financial standing and is intended to cover the difference between the cost of attendance and the family’s ability to contribute. Colleges and universities might use data from the Free Application for Federal Student Aid (FAFSA) or other financial aid forms to determine a student’s eligibility for need-based grants. Institutional scholarships and grants are a vital source of financial support for students, as they can significantly reduce the cost of attending college and help make higher education more accessible.
The next numbers refer to grants and scholarships mainly supplied by the college itself.
44% of new students (17 total) were given scholarships at American Academy of Art, averaging $16,676.00 per student. This puts it the top 25th percentile among colleges and universities nationwide.
In addition to scholarships, 95% of freshman students (37 total) obtained federal grant aid, averaging $3,275.00 a piece.
The table below shows grant and scholarship distributions by income for first-year students getting any sort of federally-funded Title IV aid, including Federal PLUS loans.
| Income Level | Percent of Freshman | Average Assistance |
|---|---|---|
| Income 0-30k | 17.95% | $18,717.00 |
| Income 30k-48k | 20.51% | $16,308.00 |
| Income 48k-75k | 15.38% | $14,744.00 |
| Income 75k-110k | 10.26% | $6,138.00 |
| Income 110k + | 5.13% | $6,525.00 |
The table above displays undergrads who are obtaining Title IV aid, federal aid from the government including loans, grants or work-study. Learn more here.
95% of the 39 undergraduates at American Academy of Art receive some sort of grant aid. This is a total of about 37 students getting an average of $13,280.00 per person.
Check out the Tuition and Fees page or the Cost Per Credit Hour page to find out more.
References
More about our data sources and methodologies.