by our College Data Analytics TeamRather than paying the full sticker price for a college education, most students receive a financial aid package that eases the burden with scholarships, grants, loans, and work-study options, while the amount and type of aid may vary among students.
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.
$6,541.00 is the typical Salem University’s first year financial aid package. Approximately 76% of incoming freshmen obtain financial assistance, with the majority being offered as loans.
A financial aid package includes loans, grants, and scholarships. However, student loans have to be paid back, so they aren’t a true discount.
A student loan isn’t a genuine college price reduction, but rather an additional cost consideration. Discover how much student loan debt from Salem University you could end up dealing with.
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 next numbers refer to grants and scholarships mainly supplied by the college itself.
16% of incoming freshmen (25 total) were given scholarships at Salem University, averaging $8,650.00 per student. This puts it the top 25th percentile among colleges and universities nationwide.
In addition to scholarships, 68% of freshman students (109 total) obtained federal grant aid, averaging $4,566.00 a piece.
The following table displays scholarship and grant allocations by family income for freshman students receiving any kind of federal Title IV assistance, such as Federal PLUS loans.
| Income Level | Percent of Freshman | Average Assistance |
|---|---|---|
| Income 0-30k | 41.61% | $5,844.00 |
| Income 30k-48k | 11.18% | $5,844.00 |
| Income 48k-75k | 9.94% | $5,844.00 |
| Income 75k-110k | 3.11% | $5,927.00 |
| Income 110k + | 1.86% | $5,644.00 |
The table above displays undergrads who are getting Title IV aid, federal aid from the government including loans, grants or work-study. Learn more here.
Of the 161 undergraduate students at Salem University around 76% (109 total) receive some form of grant aid. The typical amount awarded was $6,541.00.Most of them are distributed as Pell Grants.
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.