by our College Data Analytics TeamMost college students will not be charged the full price tag of a school. Instead, they will be offered a financial aid package that includes a combination of loans, grants, scholarships and possibly work-study opportunities.
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.
$12,363.00 is the typical Michigan Technological University’s first year financial aid package. A significant 99% of freshmen benefit from financial aid, with the main type being 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 should be thought of as an “outcome” rather than “aid”. Read more about student loan debt at Michigan Technological University.
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 Michigan Technological University.
95% of new students (1231 total) were offered scholarships at Michigan Technological University, averaging $11,508.00 per person. This puts it the top 25th percentile among colleges and universities nationwide.
As well as scholarships, 90% of freshmen (1169 total) obtained a federal grant, for about $1,764.00 a piece.
The table shows scholarship and grant allocations by income for first-year students receiving any type of federal Title IV assistance, including Federal PLUS loans.
| Income Level | Percent of Freshman | Average Assistance |
|---|---|---|
| Income 0-30k | 6.08% | $24,245.00 |
| Income 30k-48k | 5.70% | $20,782.00 |
| Income 48k-75k | 9.16% | $17,971.00 |
| Income 75k-110k | 10.16% | $12,696.00 |
| Income 110k + | 16.17% | $7,679.00 |
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.
1283 Michigan Tech undergrads obtain grant aid (this is about 99% of the entire undergraduate student population). The average amount these students receive is $12,363.00.
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.