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.
Uncover the various financial aid options provided by Ferrum College and determine which ones you may be eligible for by continuing your exploration.
$26,690.00 is the typical Ferrum College’s first year financial aid package. 100% of reshman students get financial aid, most of which is in the form of grants and scholarships
Financial aid contains loans, grants, and scholarships. But college loans need to be repaid, thus they are not a real college discount.
A loan is not a legitimate college discount, but rather an outcome to consider. See how much student loan debt from Ferrum College you may end up taking on.
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 following numbers pertain to assistance that is supplied by Ferrum College.
100% of incoming freshmen (356 total) were awarded scholarships at Ferrum College, averaging $21,806.00 a piece. This puts it the top 25th percentile among colleges and universities nationwide.
As well as scholarships, 52% of freshmen (186 total) received a federal grant, for about $5,217.00 a person.
The table following demonstrates grant and scholarship distributions by income level for freshmen getting any sort of federally-funded Title IV aid, which includes Federal PLUS loans.
| Income Level | Percent of Freshman | Average Assistance |
|---|---|---|
| Income 0-30k | 30.25% | $34,847.00 |
| Income 30k-48k | 14.29% | $35,593.00 |
| Income 48k-75k | 12.61% | $29,214.00 |
| Income 75k-110k | 12.61% | $25,016.00 |
| Income 110k + | 16.53% | $21,642.00 |
The table above displays students who are getting Title IV aid, federal aid from the government including loans, grants or work-study. Get more info on Title IV here.
100% of the 357 undergraduates at Ferrum College receive some sort of grant aid. This is a total of about 357 students getting an average of $26,690.00 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.