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.
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 UChicago.
University of Chicago average financial aid offer for freshmen students is $44,947.00. 57% of first-year students are awarded financial aid, primarily comprising 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.
Worried about the student loans that might be part of a financing offer? View the average amount of debt per student at University of Chicago.
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.
52% of incoming freshmen (894 total) were given scholarships at University of Chicago, averaging $42,948.00 per student. This puts it the top 25th percentile among colleges and universities nationwide.
In addition to scholarships, 13% of first years (229 total) were awarded federal grant aid, averaging $7,256.00 each.
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 | 3.42% | $79,031.00 |
| Income 30k-48k | 4.35% | $76,754.00 |
| Income 48k-75k | 4.64% | $73,156.00 |
| Income 75k-110k | 4.35% | $61,636.00 |
| Income 110k + | 17.22% | $35,264.00 |
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.
Of the 1725 undergraduate students at University of Chicago around 57% (897 total) receive some form of grant aid. The typical amount awarded was $44,947.00.
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.