$4,711

Avg. Federal Grant

$5,373

Avg. Federal Loan

$13,562,982

Total Aid Awarded

Lake Superior State University Financial Aid and Scholarships

Students Receiving Aid Percent of Students Receiving Financial Aid.

76%

Total Aid Amount Average Total Aid Awarded per year.

$13.563M

Financial Aid Official Website

www.lssu.edu/financial-aid/

Such schemes include Art and Helen Nickless Scholarship, Auburn Jaycees Education Scholarship, Bay City Civitan/Marcella Barber Scholarship, and Bay City Kiwanis Educational Scholarship. It is interesting to note that, every year, around 96% of students at LSSU receive some kind of financial aid, while the total amount of assistance/loans provided is $6,858,366. One can visit LSSU's financial aid page at http://www.lssu.edu/financial-aid/ for more information. At LSSU, the total percentage of applicants who receive the Federal Grant stands at 40%. In comparison, 91% of the students are awarded the Student Grant, 86% get the Institution Grant, and 40% of the applicants receive the Pell Grant. Furthermore, the average aid for the Federal Grant receivers is $4,670, and the same stands at $8,133 for State Grant awardees and $6,522 for Institution Grant recipients. As far as the Pell Grant beneficiaries are concerned, the average aid received stands at $4,315. The annual family income of a candidate is one of the key factors in determining their total eligibility for financial aid. 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. Candidates are also required to repay these loans within a given period. Every year, around 61% of the applicants to Lake Superior State University opt for student loans.

Financial Aid Breakdown

Student Receiving Aid

Federal Grant Aid

41%

State Grant Aid

34%

Institution Grant Aid

87%

Pell Grant

39%

Average Aid Awarded

Federal Grant Aid

$4,711

State Grant Aid

$7,947

Institution Grant Aid

$6,301

Pell Grant

$4,607

Federal Aid based on Family Income

Family Income

Average Federal Aid Per Year

Under $30,000

$17,057

$30,001 - $48,000

$15,332

$48,001 - $75,000

$10,105

$75,001 - $110,000

$7,063

Over $110,000

$5,228

Student Loans for Lake Superior State University

Average Loan Amount Average Loan Amount received per year.

$6,639/Year

Students Taking Out Loans

57%

Loan Default Rate

5.2%