$5,049

Avg. Federal Grant

$6,148

Avg. Federal Loan

$25,684,186

Total Aid Awarded

Ferrum College Financial Aid and Scholarships

Students Receiving Aid Percent of Students Receiving Financial Aid.

99%

Total Aid Amount Average Total Aid Awarded per year.

$25.684M

Financial Aid Official Website

www.ferrum.edu/financial-aid/

Students can avail of scholarships provided by the college, such as Bonner Program, Ferrum College Merit Grant, Ferrum College Scholarship, and Praise and Worship Team Scholarships, if they find educational expenses to be on the higher side. As many as 98% of the students at FC get some sort of financial aid, and the total amount of assistance/loans provided is more than $6,645,531 in a year. Notably, a total of 61% of the applicants to Ferrum College receive the Federal Grant every year. In comparison, 98% of the students are awarded the Student Grant, 96% get the Institution Grant, and 61% of the applicants receive the Pell Grant. Moreover, the average aid amount for Federal Grant awardees stands at $5,014, while the same comes to $2,893 for State Grant receivers and $20,249 for Institution Grant awardees. As far as the Pell Grant beneficiaries are concerned, the average aid received stands at $4,714. The annual family income of a candidate is one of the key factors in determining their total eligibility for financial aid. Apart from financial grants and scholarships, candidates can also avail of monetary benefits like student loans to fund their education. However, student loans attract a certain rate of interest at which the funds are borrowed. Candidates are also required to repay these loans within a given period. At FC, an estimated number of 87% of the applicants choose to go for student loans.

Financial Aid Breakdown

Student Receiving Aid

Federal Grant Aid

66%

State Grant Aid

70%

Institution Grant Aid

99%

Pell Grant

66%

Average Aid Awarded

Federal Grant Aid

$5,049

State Grant Aid

$2,978

Institution Grant Aid

$19,174

Pell Grant

$4,711

Federal Aid based on Family Income

Family Income

Average Federal Aid Per Year

Under $30,000

$26,805

$30,001 - $48,000

$26,134

$48,001 - $75,000

$24,630

$75,001 - $110,000

$19,937

Over $110,000

$19,748

Student Loans for Ferrum College

Average Loan Amount Average Loan Amount received per year.

$6,500/Year

Students Taking Out Loans

86%

Loan Default Rate

12.9%

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