$6,163

Avg. Federal Grant

$6,929

Avg. Federal Loan

$56,130,656

Total Aid Awarded

Luther College Financial Aid and Scholarships

Students Receiving Aid Percent of Students Receiving Financial Aid.

97%

Total Aid Amount Average Total Aid Awarded per year.

$56.131M

Financial Aid Official Website

finaid.luther.edu/

Interestingly, almost all of the students at LC receive some sort of financial aid, and the total amount of assistance/loans provided totals more than $8,401,473 in a year. The total percentage of candidates applying to Luther College who receive the Federal Grant is 20%. Meanwhile, 100% of the applicants receive the Student Grant and 100% are awarded the Institution Grant, while 20% of the students get the Pell Grant. While the Federal Grant awardees receive an average aid of $6,280, the State Grant receivers and Institution Grant beneficiaries get $5,862 and $30,061, respectively. As far as the Pell Grant beneficiaries are concerned, the average aid received stands at $4,368. 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. Apart from financial grants and scholarships, candidates can also avail of monetary benefits like student loans to fund their education. However, student loans attract a certain rate of interest at which the funds are borrowed. Moreover, the funds received through these loans will have to be repaid within a given timeframe. At Luther College, the percentage of candidates who opt to avail of student loans is around 66%.

Financial Aid Breakdown

Student Receiving Aid

Federal Grant Aid

22%

State Grant Aid

11%

Institution Grant Aid

100%

Pell Grant

22%

Average Aid Awarded

Federal Grant Aid

$6,163

State Grant Aid

$5,947

Institution Grant Aid

$27,303

Pell Grant

$4,369

Federal Aid based on Family Income

Family Income

Average Federal Aid Per Year

Under $30,000

$36,490

$30,001 - $48,000

$36,144

$48,001 - $75,000

$34,095

$75,001 - $110,000

$29,386

Over $110,000

$24,782

Student Loans for Luther College

Average Loan Amount Average Loan Amount received per year.

$8,788/Year

Students Taking Out Loans

65%

Loan Default Rate

2.4%

Other Private not-for-profit Colleges