Ferris State University Financial Aid and Scholarships
Students Receiving Aid
70%
Total Aid Amount
$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:
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Do not accrue interest while the student is enrolled at least half-time and during the six-month loan grace period before repayment begins
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Are need-based as determined by the FAFSA
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Only undergraduate students are eligible for a subsidized loan
Federal Direct Unsubsidized Loans
The following are the points to take account of:
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Accrue interest at a low fixed interest rate immediately after the loan has disbursed
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Are not need-based
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Are available to both Undergraduate and Graduate students
Eligibility
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The student must be enrolled at least half-time in a degree-granting program
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6 credit hours for undergraduate students
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5 credit hours for graduate or professional students (Pharmacy/Optometry)
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3 credit hours for doctoral students (DCCL)
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Students must complete a FAFSA for the appropriate aid year and complete any other missing requirements (such as verification)
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The student must complete Entrance Counseling
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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.
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