by our College Data Analytics TeamMost students won’t pay the advertised price of a school. Instead, they will be provided with a financial aid plan that includes a mix of scholarships, grants, loans, and work-study. But some kinds of aid are more desirable than others, and some students will get more than others.
What financial aid options does Cleveland Institute of Music offer, and what will you qualify for? Keep scrolling for answers.
Cleveland Institute of Music average financial aid offer for freshmen students is $23,659.00. Financial aid is provided to about 100% of first-year students, with the bulk of support coming in the form of grants and scholarships.
Loans are a part of financial aid plans, but the only true college discount is a scholarship or grant that you don’t have to repay.
Student debt really should be considered to be an added expense and not as “aid” or a “discount”. Find more about student loan debt at Cleveland Institute of Music.
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 stats below refer to aid that is provided by Cleveland Institute of Music.
100% of new students (54 total) were given scholarships at Cleveland Institute of Music, averaging $22,830.00 per student. This puts it the top 25th percentile among colleges and universities nationwide.
In addition to scholarships, 13% of first years (7 total) were awarded federal grant aid, averaging $5,995.00 each.
The following table displays scholarship and grant allocations by family income for freshman students receiving any kind of federal Title IV assistance, such as Federal PLUS loans.
| Income Level | Percent of Freshman | Average Assistance |
|---|---|---|
| Income 0-30k | 9.26% | $40,511.00 |
| Income 30k-48k | 0.00% | $0.00 |
| Income 48k-75k | 5.56% | $30,813.00 |
| Income 75k-110k | 9.26% | $26,980.00 |
| Income 110k + | 31.48% | $18,971.00 |
The table above displays undergrads who are getting Title IV aid, federal aid from the government including loans, grants or work-study. Learn more here.
100% of the 54 undergraduates at Cleveland Institute of Music receive some sort of grant aid. This is a total of about 54 students getting an average of $23,659.00 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.