$4,802

Avg. Federal Grant

$5,505

Avg. Federal Loan

$30,535,674

Total Aid Awarded

Hanover College Financial Aid and Scholarships

Students Receiving Aid Percent of Students Receiving Financial Aid.

100%

Total Aid Amount Average Total Aid Awarded per year.

$30.536M

Financial Aid Official Website

www.hanover.edu/admission/financialaid

Among them are scholarship programs such as Alice Ann Garner Scholarship, Amy L. McKee-Everett Memorial Scholarship, Birds Eye Foods (Brooks Foods) Scholarship, and Blackford Agriculture Scholarship. It is interesting to note that almost every student at HC receives some kind of financial aid, while the total amount of provided assistance/loans in a year is $4,074,644. For additional information about financial assistance schemes, one can head over to HC’s financial aid page at http://www.hanover.edu/admission/financialaid. Notably, a total of 35% of the applicants to Hanover College receive the Federal Grant every year. On the other hand, 100% of the candidates get the Student Grant, 100% receive the Institution Grant, and 35% get the Pell Grant. Moreover, the average aid amount for Federal Grant awardees stands at $5,215, while the same comes to $7,157 for State Grant receivers and $25,502 for Institution Grant awardees. And, for the Pell Grant awardees, the average aid amount is $4,588. Among other things, the annual family income of the applicant plays a major role in determining the total financial aid they are actually eligible to receive. On average, students with an annual family income of less than $30,000 will obtain a federal aid of $34,013 per year. The average aid amount stands at $31,139 for an annual family income between $30,001 and $48,000. This amount comes to $29,254 for those who fall under the $48,001-$75,000 family income bracket. Those with an annual income level of $75,001-$110,000 would receive $24,106, while candidates with more than $110,000 of family income receive an average federal aid of $23,851. Apart from financial grants and scholarships, candidates can also avail of monetary benefits like student loans to fund 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 Hanover College, the percentage of candidates who opt to avail of student loans is around 60%.

Financial Aid Breakdown

Student Receiving Aid

Federal Grant Aid

33%

State Grant Aid

30%

Institution Grant Aid

100%

Pell Grant

33%

Average Aid Awarded

Federal Grant Aid

$4,802

State Grant Aid

$7,436

Institution Grant Aid

$24,262

Pell Grant

$4,376

Federal Aid based on Family Income

Family Income

Average Federal Aid Per Year

Under $30,000

$36,092

$30,001 - $48,000

$32,971

$48,001 - $75,000

$29,964

$75,001 - $110,000

$27,042

Over $110,000

$23,805

Student Loans for Hanover College

Average Loan Amount Average Loan Amount received per year.

$6,982/Year

Students Taking Out Loans

63%

Loan Default Rate

4.6%

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