$5,485

Avg. Federal Grant

$4,950

Avg. Federal Loan

$60,529,849

Total Aid Awarded

Macalester College Financial Aid and Scholarships

Students Receiving Aid Percent of Students Receiving Financial Aid.

82%

Total Aid Amount Average Total Aid Awarded per year.

$60.530M

Financial Aid Official Website

www.macalester.edu/financialaid/

Notably, 83% of the students at Macalester College get some kind of financial aid every year, and the total amount of assistance/loans provided adds up to around $5,883,773. More information regarding the financial assistance schemes can be accessed on MC’s official financial aid page at http://www.macalester.edu/financialaid/. Notably, a total of 19% of the applicants to Macalester College receive the Federal Grant every year. In comparison, 78% of the students are awarded the Student Grant, 78% get the Institution Grant, and 19% of the applicants receive the Pell Grant. Moreover, the average aid amount for Federal Grant awardees stands at $6,073, while the same comes to $5,686 for State Grant receivers and $35,374 for Institution Grant awardees. On the other hand, the average aid received by the Pell Grant awardees is $4,700. The annual family income of the applicants is also considered for determining the total financial assistance that they will be eligible for. Those with a family income below $30,000 per annum, would get an average federal aid of $47,196 in a year. The average aid amount stands at $44,878 for an annual family income between $30,001 and $48,000. This amount comes to $49,703 for those who fall under the $48,001-$75,000 family income bracket. On the other hand, the average federal aid stands at $40,013 for those with an annual family income between $75,001 and $110,000, and at $27,209 for an income more than $110,000. Apart from financial grants and scholarships, candidates can also avail of monetary benefits like student loans to fund their education. 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 54% of the applicants to Macalester College opt for student loans.

Financial Aid Breakdown

Student Receiving Aid

Federal Grant Aid

23%

State Grant Aid

6%

Institution Grant Aid

81%

Pell Grant

23%

Average Aid Awarded

Federal Grant Aid

$5,485

State Grant Aid

$5,645

Institution Grant Aid

$35,488

Pell Grant

$4,648

Federal Aid based on Family Income

Family Income

Average Federal Aid Per Year

Under $30,000

$54,814

$30,001 - $48,000

$51,576

$48,001 - $75,000

$48,598

$75,001 - $110,000

$39,967

Over $110,000

$27,178

Student Loans for Macalester College

Average Loan Amount Average Loan Amount received per year.

$6,100/Year

Students Taking Out Loans

57%

Loan Default Rate

0.8%

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