$4,728

Avg. Federal Grant

$5,870

Avg. Federal Loan

$43,871,512

Total Aid Awarded

McDaniel College Financial Aid and Scholarships

Students Receiving Aid Percent of Students Receiving Financial Aid.

90%

Total Aid Amount Average Total Aid Awarded per year.

$43.872M

Financial Aid Official Website

www.mcdaniel.edu/undergraduate/admissions/finance-your-education

Among them are scholarship programs such as Academic Scholarship, Carnegie Dartlet $10,000 Scholarship, Christa McAuliffe Scholarship, and Community Service Scholarship for Multicultural Students. It is interesting to note that almost every student at MC receives some kind of financial aid, while the total amount of provided assistance/loans in a year is $6,420,112. Notably, a total of 34% of the applicants to McDaniel College receive the Federal Grant every year. In comparison, 100% of the students are awarded the Student Grant, 100% get the Institution Grant, and 34% of the applicants receive the Pell Grant. Moreover, the average aid amount for Federal Grant awardees stands at $5,085, while the same comes to $7,026 for State Grant receivers and $34,006 for Institution Grant awardees. And, for the Pell Grant awardees, the average aid amount is $4,774. 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. 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. At McDaniel College, the percentage of candidates who opt to avail of student loans is around 92%.

Financial Aid Breakdown

Student Receiving Aid

Federal Grant Aid

32%

State Grant Aid

25%

Institution Grant Aid

98%

Pell Grant

32%

Average Aid Awarded

Federal Grant Aid

$4,728

State Grant Aid

$8,010

Institution Grant Aid

$28,133

Pell Grant

$4,477

As shown in the table the breakdown includes Federal Grants, Pell Grants, state grants and institutional grants, with federal grants having the percentage contribution of 32% with an average aid amount being $4728.

Pell grants have a percentage of 32% with an average aid amount of $4477  than the State grant aid average of $8010.

Federal Aid based on Family Income

Family Income

Average Federal Aid Per Year

Under $30,000

$43,144

$30,001 - $48,000

$36,569

$48,001 - $75,000

$34,954

$75,001 - $110,000

$30,337

Over $110,000

$26,281

As shown in the table lower the family income higher is the amount of aid one can expect to receive. For those students who have a family income under $30,000 can expect to receive an aid amount of $43144 while those with family income over $110,000 can expect to receive an aid amount of $26281. This helps students who are coming from low-income homes to pay for their degrees.

Student Loans for McDaniel College

Average Loan Amount Average Loan Amount received per year.

$7,145/Year

Students Taking Out Loans

69%

Loan Default Rate

4.6%

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