$5,679

Avg. Federal Grant

$6,190

Avg. Federal Loan

$52,294,948

Total Aid Awarded

Florida Agricultural & Mechanical University (FAMU) Financial Aid and Scholarships

Students Receiving Aid Percent of Students Receiving Financial Aid.

74%

Total Aid Amount Average Total Aid Awarded per year.

$52.295M

Financial Aid Official Website

www.famu.edu/index.cfm?FinancialAid

It is interesting to note that, every year, around 95% of students at FAMU receive some kind of financial aid, while the total amount of assistance/loans provided is $32,235,652. At FAMU, the total percentage of applicants who receive the Federal Grant stands at 68%. In comparison, 87% of the students are awarded the Student Grant, 52% get the Institution Grant, and 68% of the applicants receive the Pell Grant. Moreover, the average aid amount for Federal Grant awardees stands at $5,657, while the same comes to $4,252 for State Grant receivers and $3,983 for Institution Grant awardees. On the other hand, the average aid received by the Pell Grant awardees is $5,365. The annual family income of the applicants is also considered for determining the total financial assistance that they will be eligible for. Alternatively, the candidates can also avail of monetary benefits like student loans, apart from financial grants and scholarship schemes to pay for their studies. But, they should understand that student loans are borrowed at a certain rate of interest, unlike grants and scholarships. Moreover, the funds received through these loans will have to be repaid within a given timeframe. Every year, around 70% of the applicants to Florida Agricultural and Mechanical University opt for student loans.

Financial Aid Breakdown

Student Receiving Aid

Federal Grant Aid

71%

State Grant Aid

40%

Institution Grant Aid

49%

Pell Grant

71%

Average Aid Awarded

Federal Grant Aid

$5,679

State Grant Aid

$3,345

Institution Grant Aid

$3,986

Pell Grant

$5,313

Florida Agricultural & Mechanical University contributes a good amount of 52,294,948 towards providing their students a substantial financial aid. Almost 74% of the students in this university receive such financial aids. The following data will help you in getting a better knowledge about the financial aids and your possibility of accessing them.

71% of the candidates get Federal Pell Grants to almost an amount of $5,679. Pell grants are provided up to a sum of $5,313.

40% of FAMU students receive one of the state grants of an amount of $3,345. Institutional grants are provided up to an amount of $3,986 to almost 49% of the students.

Students also apply for federal loans which amounts to an average of $6,190. 75% of the students opt for a student loan. The average amount of a student loan is $6,459. The default rate for these loans are 6.6% only.

Federal Aid based on Family Income

Family Income

Average Federal Aid Per Year

Under $30,000

$9,276

$30,001 - $48,000

$7,802

$48,001 - $75,000

$4,622

$75,001 - $110,000

$2,324

Over $110,000

$1,697

We would now throw light on the amount of FAMU financial aid that you may receive in terms of your family income, we get the following data.

You might expect to get a sum of $9,276 as a financial aid given your family income is below $30,000. The sum might further get lowered for a family income between $30,001 to $48,000 and be $7,802. Furthermore, as we move to the family income bracket of $48,001 to $75,000 the financial aid amount would become $4,622.

The expected amount of financial aid can be $2,324 if you belong to an income category of $48,001 to $75,000. The figure might further go down to $1,697 for income higher than $110,000. The fact that the amount you receive as a financial aid goes on decreasing as your income level increases justifies that the university would assist those who are in an exceptional need of funds than those who can afford them.

Student Loans for Florida Agricultural & Mechanical University (FAMU)

Average Loan Amount Average Loan Amount received per year.

$6,459/Year

Students Taking Out Loans

75%

Loan Default Rate

6.6%

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