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 Minnesota State Mankato.
Minnesota State University - Mankato average financial aid offer for freshmen students is $5,536.00. A significant 99% of freshmen benefit from financial aid, with the main type being loans.
Financial aid contains loans, grants, and scholarships. But college loans need to be repaid, thus they are not a real college discount.
A college loan is not a true college discount, but rather an outcome to consider. Find out how much student loan debt from Minnesota State University - Mankato 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 Minnesota State University - Mankato.
27% of new students (609 total) were offered scholarships at Minnesota State University - Mankato, averaging $3,263.00 per person. This puts it in the top 50th percentile among colleges and universities nationwide.
As well as scholarships, 91% of freshmen (2055 total) received a federal grant, for about $1,841.00 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 | 7.26% | $9,166.00 |
| Income 30k-48k | 6.86% | $8,595.00 |
| Income 48k-75k | 10.40% | $5,863.00 |
| Income 75k-110k | 8.67% | $2,130.00 |
| Income 110k + | 5.62% | $472.00 |
The table above shows students who are receiving Title IV aid, which is federal assistance from the government in the form of grants, loans, and work-study. Learn more.
2163 Minnesota State Mankato undergrads obtain grant aid (this is about 99% of the entire undergraduate student population). The average amount these students receive is $5,536.00.
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.