$5,266

Avg. Federal Grant

$5,185

Avg. Federal Loan

$60,521,595

Total Aid Awarded

Michigan Technological University (MTU) Financial Aid and Scholarships

Students Receiving Aid Percent of Students Receiving Financial Aid.

89%

Total Aid Amount Average Total Aid Awarded per year.

$60.522M

Financial Aid Official Website

www.mtu.edu/finaid/

Michigan Technological University tries and provides quality education to its students at an affordable price.

The cost may vary based on a program, the university also tries and help all its students to pay off their educational expenses. At present, there are 89% of students who are receiving certain aid or financial assistance from the university.

The average financial aid students receive is $5,185. Students receive assistance in various forms such as Scholarship, Grants, Loan, Employment.

Scholarship

Scholarships are the most familiar and sought-after type of financial aid. All admitted students are automatically considered for most merit-based scholarships; a special application form is not required, except for the Michigan Tech Leading Scholars Award and career interest scholarships. Most scholarships are renewable provided the recipient meets the renewal criteria. In the spirit of philanthropy, some or all of a scholarship may be funded by a generous donor to the university.

Grants

Grants are gift aid based on financial need and are available to US citizens and permanent residents.

Accepted students are automatically considered for grant programs if their FAFSA results are released to Michigan Tech. Students must apply for grant renewal each year. Some grants available are Federal Pell Grant, Federal Iraq, and Afghanistan service grant programs.

Loans

Loans can be a useful tool to help students pay for their Michigan Tech education. Loans consist of borrowed funds, which must be repaid.

They are available to most US citizens and permanent residents. Each loan program, whether federal or private, has certain maximum limits for borrowing; however, students may not borrow more than the cost of attendance less any other financial aid received.

Some of the loans available are Federal Direct Loan, Federal Direct PLUS Loan, Alternative Loan, and many others.

Employment

Part-time employment on campus is available through government-funded and University-funded programs.

Students who complete the Free Application for Federal Student Aid (FAFSA) and indicate they would like to work on campus are automatically considered for work-study employment.

Financial Aid Breakdown

Student Receiving Aid

Federal Grant Aid

26%

State Grant Aid

25%

Institution Grant Aid

92%

Pell Grant

24%

Average Aid Awarded

Federal Grant Aid

$5,266

State Grant Aid

$4,625

Institution Grant Aid

$9,880

Pell Grant

$4,473

The University provides financial aid to the students so that their education does not get affected due to money. They provide students various opportunities to get financial aid for paying the fee. The total aid awarded by the university is $60,521,595 and approximately 89% of the students receive the financial aid.

  • Federal Grant average aid is $5,266,with the percentage of students receiving it standing at 26%.

  • State Grant average aid is $4,625 and the percentage of students receiving it is 25%.

  • 92% of the students receive Institutional Grant and the average aid amount ranges up to $9,880.

  • Pell Grant average aid worth an average of $4,473 is received by 24% of students applying for it.

Federal Aid based on Family Income

Family Income

Average Federal Aid Per Year

Under $30,000

$19,913

$30,001 - $48,000

$18,307

$48,001 - $75,000

$15,828

$75,001 - $110,000

$11,100

Over $110,000

$5,385

The Michigan Technological University plans financial aid by keeping in mind many factors specially Income of the family.

The financial aid is provided according to the income slab of the family. The Income slab and the amount student can receive is given below-

For the income slab between $0 to 30,000 the aid amount comes up to $19,913. While there is a slight change is observed in the aid amount when the income slab $30,001 to 48,000, the amount comes up to $18,307.

For an income slab $48,001 to 75,000 the aid provided decreases to $15,828.

When the income slab increases to $75,001 to 110,000 the aid amount decreases to $11,100.

Student Loans for Michigan Technological University (MTU)

Average Loan Amount Average Loan Amount received per year.

$7,726/Year

Students Taking Out Loans

57%

Loan Default Rate

2.8%

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