by our College Data Analytics TeamFinancial aid in the form of loans, grants, work-study, and scholarships is one way colleges reduce the cost of attendance so most students can actually afford to attend.
The amount of financial assistance and scholarships or grants you can get varies based on your circumstances. Keep reading to learn more to help you to know just how much aid and scholarships to expect from Mines.
Colorado School of Mines average financial aid offer for freshmen students is $8,467.00. About 90% of first year students receive financial aid, most of which is in the form of loans.
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.
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 Colorado School of Mines.
Institutional scholarships and grants are financial aid awards given by colleges and universities to help students manage tuition costs and other education-related expenses. These awards, which do not need to be repaid, can be classified as merit-based or need-based. Students who excel academically, possess unique talents, or have specific skills can be eligible for merit-based institutional scholarships. Factors such as high school performance, standardized test scores, or participation in extracurricular activities often contribute to eligibility for these scholarships. Need-based institutional grants, on the other hand, are awarded to students who demonstrate financial need. The amount given is generally based on the student’s family’s financial situation, aiming to cover the gap between the cost of attendance and the family’s capacity to pay. To assess a student’s eligibility for need-based grants, colleges and universities may rely on information from the Free Application for Federal Student Aid (FAFSA) or other financial aid forms. Institutional scholarships and grants are essential for students, as they can substantially lower college expenses and make higher education more affordable.
The next numbers refer to grants and scholarships mainly supplied by the college itself.
83% of incoming freshmen (1061 total) were given scholarships at Colorado School of Mines, averaging $10,425.00 per student. This puts it the top 25th percentile among colleges and universities nationwide.
In addition to scholarships, 13% of first-year students (164 total) got federal grant aid, averaging $4,824.00 per person.
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 | 3.75% | $19,130.00 |
| Income 30k-48k | 3.13% | $22,417.00 |
| Income 48k-75k | 4.14% | $11,646.00 |
| Income 75k-110k | 4.53% | $4,695.00 |
| Income 110k + | 6.49% | $2,627.00 |
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.
1064 Mines undergrads obtain grant aid (this is about 90% of the entire undergraduate student population). The average amount these students receive is $8,467.00.
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.