$5,418

Avg. Federal Grant

$5,651

Avg. Federal Loan

$68,222,479

Total Aid Awarded

Florida Institute of Technology Financial Aid and Scholarships

Students Receiving Aid Percent of Students Receiving Financial Aid.

80%

Total Aid Amount Average Total Aid Awarded per year.

$68.222M

Financial Aid Official Website

www.fit.edu/financialaid/

It is interesting to note that, every year, around 93% of students at FIT receive some kind of financial aid, while the total amount of assistance/loans provided is $8,748,287. More information regarding the financial assistance schemes can be accessed on FIT’s official financial aid page at http://www.fit.edu/financialaid/. The total percentage of candidates applying to Florida Institute of Technology who receive the Federal Grant is 25%. On the other hand, 93% of the candidates get the Student Grant, 93% receive the Institution Grant, and 25% get the Pell Grant. While the Federal Grant awardees receive an average aid of $5,727, the State Grant receivers and Institution Grant beneficiaries get $8,710 and $20,991, respectively. As far as the Pell Grant beneficiaries are concerned, the average aid received stands at $4,760. The annual family income of the applicants is also considered for determining the total financial assistance that they will be eligible for. Those with a family income below $30,000 per annum, would get an average federal aid of $30,469 in a year. The average aid amount stands at $31,637 for an annual family income between $30,001 and $48,000. This amount comes to $25,681 for those who fall under the $48,001-$75,000 family income bracket. Meanwhile, the average federal aid for students in the $75,001-$110,000 income bracket is $23,259. And, for those with a family income of more than $110,000, the amount stands at $21,907. In addition to financial grants and scholarship schemes, students can also avail of monetary benefits like student loans to pay for their education. 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. At Florida Institute of Technology, the percentage of candidates who opt to avail of student loans is around 57%.

Financial Aid Breakdown

Student Receiving Aid

Federal Grant Aid

25%

State Grant Aid

33%

Institution Grant Aid

94%

Pell Grant

25%

Average Aid Awarded

Federal Grant Aid

$5,418

State Grant Aid

$6,916

Institution Grant Aid

$20,857

Pell Grant

$4,497

Federal Aid based on Family Income

Family Income

Average Federal Aid Per Year

Under $30,000

$30,100

$30,001 - $48,000

$30,957

$48,001 - $75,000

$27,363

$75,001 - $110,000

$25,379

Over $110,000

$21,416

Student Loans for Florida Institute of Technology

Average Loan Amount Average Loan Amount received per year.

$8,610/Year

Students Taking Out Loans

53%

Loan Default Rate

7.6%

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