by our College Data Analytics TeamThe majority of college students don’t pay the full price for their education, as financial aid packages, including scholarships, grants, loans, and work-study opportunities, help to offset the costs.
What financial aid options does School of the Art Institute of Chicago offer, and what will you qualify for? Keep scrolling for answers.
$17,406.00 is the typical School of the Art Institute of Chicago’s first year financial aid package. 90% of reshman students get financial aid, most of which is in the form of grants and scholarships
Student loans come included in financial aid packages, however, the only true discount off of the price of college is a grant or scholarship that you do not need to pay back.
A loan is not a legitimate college discount, but rather an outcome to consider. See how much student loan debt from School of the Art Institute of Chicago 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 stats below refer to aid that is provided by School of the Art Institute of Chicago.
90% of incoming freshmen (559 total) were given scholarships at School of the Art Institute of Chicago, averaging $16,231.00 per student. This puts it the top 25th percentile among colleges and universities nationwide.
As well as scholarships, 16% of first-year students (98 total) got a federal grant, for about $5,308.00 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 | 8.24% | $27,790.00 |
| Income 30k-48k | 4.85% | $26,771.00 |
| Income 48k-75k | 5.98% | $26,315.00 |
| Income 75k-110k | 6.62% | $20,073.00 |
| Income 110k + | 13.57% | $17,746.00 |
The table above shows undergrads who are getting Title IV aid, which is federal assistance from the government in the form of grants, loans, and work-study. Learn more here.
90% of the 619 undergraduates at School of the Art Institute of Chicago receive some sort of grant aid. This is a total of about 559 students getting an average of $17,406.00 per person.
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.