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.
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 Texas Tech.
$7,697.00 is the typical Texas Tech University’s first year financial aid package. About 86% of first year students receive financial aid, most of which is in the form of loans.
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.
A loan is not a legitimate college discount, but rather an outcome to consider. See how much student loan debt from Texas Tech University you may end up taking on.
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 following numbers apply to scholarships and grants largely offered by the school itself.
67% of new students (4054 total) were offered scholarships at Texas Tech University, averaging $5,318.00 per person. This puts it in the top 50th percentile among colleges and universities nationwide.
As well as scholarships, 49% of freshmen (2948 total) obtained a federal grant, for about $3,202.00 a piece.
The table below demonstrates scholarship and grant allocations by income level for freshmen receiving any type of federal Title IV assistance, which includes Federal PLUS loans.
| Income Level | Percent of Freshman | Average Assistance |
|---|---|---|
| Income 0-30k | 10.19% | $14,160.00 |
| Income 30k-48k | 6.23% | $12,751.00 |
| Income 48k-75k | 6.89% | $7,943.00 |
| Income 75k-110k | 5.44% | $2,848.00 |
| Income 110k + | 8.33% | $2,027.00 |
The table above displays undergrads who are obtaining Title IV aid, federal aid from the government including loans, grants or work-study. Learn more here.
4810 Texas Tech undergrads obtain grant aid (this is about 86% of the entire undergraduate student population). The average amount these students receive is $7,697.00.
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.