$5,130

Avg. Federal Grant

$5,721

Avg. Federal Loan

$70,054,962

Total Aid Awarded

Ferris State University Financial Aid and Scholarships

Students Receiving Aid Percent of Students Receiving Financial Aid.

70%

Total Aid Amount Average Total Aid Awarded per year.

$70.055M

Financial Aid Official Website

www.ferris.edu/admissions/financialaid/

Ferris State University tends to offers grants, loans, scholarships, and aids to the students who are in need of any kind of financial support. The financial assistance is not provided on the merit basis or academic performance of the student. But are provided to the students who are in genuine need of it as they cannot afford to bear the expense of the university fees.

The main requirement for financial aid is to fill the FAFSA form using the University FAFSA code 002260. 

Ferris State University has provided aid to 70% of the students and the total aid amount received by the student is $70,054,962.

Types of Financial aid provided by the university are:

Grants

Unlike student loans, grants typically do not have to be repaid. It is simply money that financially needy students may qualify for to help pay for educational expenses. This is a great type of financial assistance.

Federal Pell Grant

A Federal Pell Grant, unlike a loan, does not have to be repaid. Pell Grants are awarded usually only to undergraduate students who have not earned a bachelor's or a professional degree. Pell Grants are considered a foundation of federal financial aid, to which aid from other federal and nonfederal sources might be added.

Federal SEOG

The Federal Supplemental Educational Opportunity Grant is designed to provide additional assistance to students. To be eligible, a student must complete the FAFSA, have the lowest EFC possible, and be enrolled full time. Funding for the SEOG grant is limited, so apply as soon as possible.

Ferris Merit Grant

It is an institutional grant that does not have to be repaid.  Students must complete the Free Application for Federal Student Aid and be enrolled at the Big Rapids Main Campus to be considered. Both financial need and academic performance are considerations in eligibility.

Students must be enrolled full-time (minimum of 12 credit hours) to receive this award.

Loans

Federal Direct Subsidized and Unsubsidized loans are automatically awarded to admitted students who complete the FAFSA process each academic year.

4.53% Fixed Interest Rate (Undergraduate Students)

6.08% Fixed Interest Rate (Graduate Students)

1.062% Loan Origination Fee

Federal Direct Subsidized Loans

The following are the points to take account of:

  • Do not accrue interest while the student is enrolled at least half-time and during the six-month loan grace period before repayment begins

  • Are need-based as determined by the FAFSA

  • Only undergraduate students are eligible for a subsidized loan

Federal Direct Unsubsidized Loans

The following are the points to take account of:

  • Accrue interest at a low fixed interest rate immediately after the loan has disbursed

  • Are not need-based

  • Are available to both Undergraduate and Graduate students

Eligibility

  • The student must be enrolled at least half-time in a degree-granting program

    • 6 credit hours for undergraduate students

    • 5 credit hours for graduate or professional students (Pharmacy/Optometry)

    • 3 credit hours for doctoral students (DCCL)

  • Students must complete a FAFSA for the appropriate aid year and complete any other missing requirements (such as verification)

  • The student must complete Entrance Counseling

  • The student must complete a Master Promissory Note (MPN)

There are various other types of financial assistance provided to the students and special aids are provided to the students and veteran soldiers.

Financial Aid Breakdown

Student Receiving Aid

Federal Grant Aid

47%

State Grant Aid

28%

Institution Grant Aid

80%

Pell Grant

47%

Average Aid Awarded

Federal Grant Aid

$5,130

State Grant Aid

$8,109

Institution Grant Aid

$5,199

Pell Grant

$4,867

We have provided an in-depth breakdown of how the financial aid offered by Ferris State University is appropriately distributed among their students. On average, almost 46% of students receive financial aid.

  • The federal grants offered by the university are received by a cumulative 47% of eligible students, with the average amount reaching up to $5,130.

  • Pell Grants are received by at least 47% of students and the aid amount offered is around $4,867.

  • Only 28% of students receive state grant aids, which are valued to be around $8,109.

  • The institutional grants are offered to a staggering 80% of students, with a total average amount racking up to $5,199.

Federal Aid based on Family Income

Family Income

Average Federal Aid Per Year

Under $30,000

$13,702

$30,001 - $48,000

$11,755

$48,001 - $75,000

$8,748

$75,001 - $110,000

$6,405

Over $110,000

$4,005

As stated above, Ferris State University offered their aid based on the financial needs of the student. With that said, we have also provided some data on what each student may expect their average aid to be depending on the income bracket that they fall under.

  • Students whose family income is between $0 to $30,000, the average aid amount provided is $13,702.

  • If the income falls between $30,000 and $48,000 may avail an average aid amount of $11,755.

  •  The average aid falls to those who earn between $48,001 and $75,000, which is a total average amount of $8,748. 

  • Higher-income brackets may not avail as much, comparatively. Those that earn between $75,001 to $100,000 will receive an average of about $6,405.

  • Those who earn more than $110,001, will receive a substantially low amount of $4,005.

Student Loans for Ferris State University

Average Loan Amount Average Loan Amount received per year.

$7,487/Year

Students Taking Out Loans

68%

Loan Default Rate

7%

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