Metropolitan College of New York (MCNY) Financial Aid and Scholarships
Students Receiving Aid
79%
Total Aid Amount
$5.185M
Financial Aid Official Website
https://www.mcny.edu/admissions-aid/financial-aid/
Such schemes include Aid to Native Americans, Albert E. Wischmeyer Memorial Scholarship, Military Service Recognition Scholarships, and New York State Scholarship for Academic Excellence. It is interesting to note that, every year, around 93% of students at MCNY receive some kind of financial aid, while the total amount of assistance/loans provided is $4,811,468. More information regarding the financial assistance schemes can be accessed on MCNY’s official financial aid page at https://www.mcny.edu/admissions-aid/financial-aid/. At MCNY, the total percentage of applicants who receive the Federal Grant stands at 86%. In comparison, 93% of the students are awarded the Student Grant, 89% get the Institution Grant, and 86% of the applicants receive the Pell Grant. While the Federal Grant awardees receive an average aid of $5,609, the State Grant receivers and Institution Grant beneficiaries get $3,062 and $2,541, respectively. On the other hand, the average aid received by the Pell Grant awardees is $4,653. 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 $11,382 in a year. Candidates who come under the $30,001-$48,000 family income bracket receive an average aid of $10,227, while those falling in the $48,001-$75,000 income category get $8,516 a year. Those with an annual income level of $75,001-$110,000 would receive $2,000, while candidates with more than $110,000 of family income receive an average federal aid of $2,000. In addition to financial grants and scholarship schemes, students can also avail of monetary benefits like student loans to pay for their education. In contrast to grants and scholarships, student loans are taken by the candidates at a certain rate of interest. Candidates are also required to repay these loans within a given period. Every year, around 86% of the applicants to Metropolitan College of New York opt for student loans.
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