Institute of Technology Financial Aid and Scholarships
Students Receiving Aid
64%
Total Aid Amount
$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.
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