$4,434

Avg. Federal Grant

$6,823

Avg. Federal Loan

$6,109,479

Total Aid Awarded

Institute of Technology Financial Aid and Scholarships

Students Receiving Aid Percent of Students Receiving Financial Aid.

64%

Total Aid Amount Average Total Aid Awarded per year.

$6.109M

Financial Aid Official Website

www.iot.edu/financial-aid/

Such schemes include Academic Scholarship, Aid to Native Americans, Albert E. Wischmeyer Memorial Scholarship, and Graduate Scholar Award. Notably, 84% of the students at Institute of Technology get some kind of financial aid every year, and the total amount of assistance/loans provided adds up to around $6,615,491. More information regarding the financial assistance schemes can be accessed on IT’s official financial aid page at https://wit.edu/admissions-aid/tuition-financial-aid. At IT, the total percentage of applicants who receive the Federal Grant stands at 69%. Meanwhile, 71% of the applicants receive the Student Grant and 2% are awarded the Institution Grant, while 69% of the students get the Pell Grant. Moreover, the average aid amount for Federal Grant awardees stands at $4,406, while the same comes to $4,898 for State Grant receivers and $2,663 for Institution Grant awardees. And, for the Pell Grant awardees, the average aid amount is $4,056. 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. Those with a family income below $30,000 per annum, would get an average federal aid of $19,831 in a year. For the $30,001-$48,000 and $48,001-$75,000 family income brackets, the average aid amount stands at $18,747 and $15,243, respectively. Those with an annual income level of $75,001-$110,000 would receive $13,231, while candidates with more than $110,000 of family income receive an average federal aid of $11,748. 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 Institute of Technology opt for student loans.

Financial Aid Breakdown

Student Receiving Aid

Federal Grant Aid

71%

State Grant Aid

5%

Institution Grant Aid

1%

Pell Grant

71%

Average Aid Awarded

Federal Grant Aid

$4,434

State Grant Aid

$4,788

Institution Grant Aid

$1,855

Pell Grant

$4,333

Federal Aid based on Family Income

Family Income

Average Federal Aid Per Year

Under $30,000

$4,257

$30,001 - $48,000

$3,607

$48,001 - $75,000

$2,667

$75,001 - $110,000

$1,218

Over $110,000

N/A

Student Loans for Institute of Technology

Average Loan Amount Average Loan Amount received per year.

$6,578/Year

Students Taking Out Loans

84%

Loan Default Rate

17.8%

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