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.
Curious about the financial aid opportunities at Otis College of Art and Design and what you may be eligible for? Explore the answers here.
$20,001.00 is the typical Otis College of Art and Design’s first year financial aid package. 93% of first-year students are awarded financial aid, primarily comprising grants and scholarships.
Financial aid helps decrease the expense, or the “sticker” price of the school. But keep in mind that the only real discounts off the cost of college are in the form of grants and scholarships.
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 Otis College of Art and Design.
Institutional scholarships and grants refer to financial aid provided directly by a college or university to support students in covering their educational expenses. These awards can be either merit-based or need-based and do not require repayment. Merit-based institutional scholarships reward students who have demonstrated exceptional academic achievements, talents, or skills in specific areas. Such scholarships often take into account a student’s high school performance, standardized test scores, or extracurricular activities. On the other hand, need-based institutional grants are allocated to students who exhibit financial need. The amount awarded is usually determined by the student’s family’s financial circumstances and aims to cover the difference between the cost of attendance and the family’s capacity to pay. To assess eligibility for need-based grants, colleges and universities may use information from the Free Application for Federal Student Aid (FAFSA) or other financial aid forms. Institutional scholarships and grants play a crucial role in assisting students, as they can considerably lower the cost of college and make higher education more attainable.
The numbers below apply to scholarships and grants primarily provided by Otis College of Art and Design.
91% of new students (250 total) were given scholarships at Otis College of Art and Design, averaging $16,844.00 per student. This puts it the top 25th percentile among colleges and universities nationwide.
As well as scholarships, 27% of first-year students (75 total) got a federal grant, for about $5,592.00 per person.
The next table demonstrates grant and scholarship distributions by income level for freshmen getting any form of federally-funded Title IV aid, which includes Federal PLUS loans.
| Income Level | Percent of Freshman | Average Assistance |
|---|---|---|
| Income 0-30k | 16.79% | $26,068.00 |
| Income 30k-48k | 5.11% | $26,542.00 |
| Income 48k-75k | 8.76% | $22,570.00 |
| Income 75k-110k | 5.11% | $19,844.00 |
| Income 110k + | 15.33% | $15,321.00 |
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 274 undergraduate students at Otis College of Art and Design around 93% (253 total) receive some form of grant aid. The typical amount awarded was $20,001.00.
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.