$4,283

Avg. Federal Grant

$4,847

Avg. Federal Loan

$7,560,044

Total Aid Awarded

Minot State University (MSU) Financial Aid and Scholarships

Students Receiving Aid Percent of Students Receiving Financial Aid.

60%

Total Aid Amount Average Total Aid Awarded per year.

$7.560M

Financial Aid Official Website

www.minotstateu.edu/finaid/

Such schemes include Academic Excellence Scholarship, Diversity Award, Global Award, and National Award. It is interesting to note that, every year, around 90% of students at MSU receive some kind of financial aid, while the total amount of assistance/loans provided is $7,007,740. The total percentage of candidates applying to Minot State University who receive the Federal Grant is 27%. On the other hand, 84% of the candidates get the Student Grant, 75% receive the Institution Grant, and 27% get the Pell Grant. While the Federal Grant awardees receive an average aid of $4,411, the State Grant receivers and Institution Grant beneficiaries get $1,997 and $2,228, respectively. And, for the Pell Grant awardees, the average aid amount is $4,180. 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. 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. While grants and scholarship schemes do not require repayment, student loans should be repaid by the applicants within a given period. Every year, around 47% of the applicants to Minot State University opt for student loans.

Financial Aid Breakdown

Student Receiving Aid

Federal Grant Aid

27%

State Grant Aid

34%

Institution Grant Aid

71%

Pell Grant

27%

Average Aid Awarded

Federal Grant Aid

$4,283

State Grant Aid

$1,805

Institution Grant Aid

$3,547

Pell Grant

$4,121

The students may receive financial aid in the form of federal grants, state grants, institutional grants, or pell grants. All types of grants with their student coverage percentage are described below.

  • Around 27% of the students receive federal aid that contributes to $4,283 in cost.

  • The state grant aid provided is $1,805 and it covers about 34% of the students.

  • The pell grant contribution is $4,121 that only includes 27% of students.

  • The aid in the form of institutional grants is received by 71% of the students and the amount it provides is $3547.

Federal Aid based on Family Income

Family Income

Average Federal Aid Per Year

Under $30,000

$8,676

$30,001 - $48,000

$6,808

$48,001 - $75,000

$4,800

$75,001 - $110,000

$2,807

Over $110,000

$2,507

It is a known fact that families with less income are likely to be provided with more financial aid. The financial aid received by the students depends on the family income and maximum aid is received by the family with less income.

  • For the families with income less than $30,000, the aid amount received is $8,676 which is highest of all.

  • Further, as the income increases from $30,000 to $48,000, the aid is slightly reduced to the amount of $6,808.

  • With the income in range from $48,001 to $75,000, the students receiving aid is dropped to value $4,800. Also, for the income between $75,001 to $110,000, the amount is $2,807.

  • If the earning of a family is greater than $110,000, then the aid received is $2,507.

Student Loans for Minot State University (MSU)

Average Loan Amount Average Loan Amount received per year.

$5,637/Year

Students Taking Out Loans

55%

Loan Default Rate

8.3%