$5,274

Avg. Federal Grant

$6,248

Avg. Federal Loan

$13,409,947

Total Aid Awarded

Lees-McRae College Financial Aid and Scholarships

Students Receiving Aid Percent of Students Receiving Financial Aid.

96%

Total Aid Amount Average Total Aid Awarded per year.

$13.410M

Financial Aid Official Website

www.lmc.edu/admissions/financial-aid/index.htm

Students can avail of scholarships provided by the college, such as Alessia Ann Albritton Memorial Scholarship, Alexa and Anne Binnion Scholarship, Alumni Arts and Crafts Scholarship, and Alumni Council Scholarship, if they find educational expenses to be on the higher side. Interestingly, almost all of the students at LMC receive some sort of financial aid, and the total amount of assistance/loans provided totals more than $4,114,674 in a year. One can visit LMC's financial aid page at http://www.lmc.edu/admissions/financial-aid/index.htm for more information. The total percentage of candidates applying to Lees-McRae College who receive the Federal Grant is 38%. In comparison, 100% of the students are awarded the Student Grant, 100% get the Institution Grant, and 38% of the applicants receive the Pell Grant. Moreover, the average aid amount for Federal Grant awardees stands at $5,553, while the same comes to $5,164 for State Grant receivers and $16,058 for Institution Grant awardees. As far as the Pell Grant beneficiaries are concerned, the average aid received stands at $4,473. The annual family income of the applicants is also considered for determining the total financial assistance that they will be eligible for. Students whose family income per annum is less than $30,000 will receive a federal aid of $24,266 on average in a year. Candidates who come under the $30,001-$48,000 family income bracket receive an average aid of $23,942, while those falling in the $48,001-$75,000 income category get $25,238 a year. On the other hand, the average federal aid stands at $21,722 for those with an annual family income between $75,001 and $110,000, and at $27,258 for an income more than $110,000. Alternatively, the candidates can also avail of monetary benefits like student loans, apart from financial grants and scholarship schemes to pay for their studies. However, student loans attract a certain rate of interest at which the funds are borrowed. While grants and scholarship schemes do not require repayment, student loans should be repaid by the applicants within a given period. At Lees-McRae College, the percentage of candidates who opt to avail of student loans is around 64%.

Financial Aid Breakdown

Student Receiving Aid

Federal Grant Aid

50%

State Grant Aid

47%

Institution Grant Aid

100%

Pell Grant

50%

Average Aid Awarded

Federal Grant Aid

$5,274

State Grant Aid

$5,226

Institution Grant Aid

$14,658

Pell Grant

$4,930

Federal Aid based on Family Income

Family Income

Average Federal Aid Per Year

Under $30,000

$24,012

$30,001 - $48,000

$23,509

$48,001 - $75,000

$20,971

$75,001 - $110,000

$18,028

Over $110,000

$13,458

Student Loans for Lees-McRae College

Average Loan Amount Average Loan Amount received per year.

$7,061/Year

Students Taking Out Loans

75%

Loan Default Rate

7.1%

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