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.
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 NJIT.
New Jersey Institute of Technology average financial aid offer for freshmen students is $13,770.00. About 93% of first year students receive financial aid, most of which is in the form of grants and scholarships.
Financial aid helps lower the cost, or the full retail price of the institution. But bear in mind that the only true college discount is scholarships & grants.
A college loan is not a true college discount, but rather an outcome to consider. Find out how much student loan debt from New Jersey Institute of Technology you may end up taking on.
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 following numbers apply to scholarships and grants largely offered by the school itself.
69% of new students (913 total) were given scholarships at New Jersey Institute of Technology, averaging $12,176.00 per student. This puts it the top 25th percentile among colleges and universities nationwide.
In addition to scholarships, 43% of freshman students (568 total) obtained federal grant aid, averaging $5,314.00 a piece.
Amount of Financial Assistance Per Income Level
The next table displays grant and scholarship distributions by family income for freshman students getting any kind of federally-funded Title IV aid, such as Federal PLUS loans.
| Income Level | Percent of Freshman | Average Assistance |
|---|---|---|
| Income 0-30k | 15.73% | $18,727.00 |
| Income 30k-48k | 10.26% | $17,489.00 |
| Income 48k-75k | 8.66% | $13,060.00 |
| Income 75k-110k | 6.69% | $7,657.00 |
| Income 110k + | 11.55% | $6,559.00 |
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.
Of the 1316 undergraduate students at New Jersey Institute of Technology around 93% (1137 total) receive some form of grant aid. The typical amount awarded was $13,770.00.
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.