$4,837

Avg. Federal Grant

$7,461

Avg. Federal Loan

$57,464,055

Total Aid Awarded

Murray State University Financial Aid and Scholarships

Students Receiving Aid Percent of Students Receiving Financial Aid.

81%

Total Aid Amount Average Total Aid Awarded per year.

$57.464M

Financial Aid Official Website

www.murraystate.edu/admissions/financialaid/index.aspx

Among them are scholarship programs such as Educational Foundation of the KYCPA Scholarships, Katie Kanowsky Memorial Scholarship, and Mary Jo Young Dual Credit Scholarship. It is interesting to note that, every year, around 99% of students at MSU receive some kind of financial aid, while the total amount of assistance/loans provided is $28,161,620. At MSU, the total percentage of applicants who receive the Federal Grant stands at 40%. On the other hand, 99% of the candidates get the Student Grant, 89% receive the Institution Grant, and 40% get the Pell Grant. While the Federal Grant awardees receive an average aid of $4,878, the State Grant receivers and Institution Grant beneficiaries get $2,654 and $7,524, respectively. As far as the Pell Grant beneficiaries are concerned, the average aid received stands at $4,651. The annual family income of a candidate is one of the key factors in determining their total eligibility for financial aid. 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 Murray State University, the percentage of candidates who opt to avail of student loans is around 51%.

Financial Aid Breakdown

Student Receiving Aid

Federal Grant Aid

36%

State Grant Aid

61%

Institution Grant Aid

68%

Pell Grant

36%

Average Aid Awarded

Federal Grant Aid

$4,837

State Grant Aid

$2,631

Institution Grant Aid

$6,784

Pell Grant

$4,712

As shown in the table the breakdown includes Federal Grants, Pell Grants, state grants, and institutional grants, with federal grants having the 36% contribution with an average aid amount being $4,837.

Pell grants have a percentage of %36 with an average aid amount of $4,712 then the State grant aid average of $2,631 with 61%.

Federal Aid based on Family Income

Family Income

Average Federal Aid Per Year

Under $30,000

$11,515

$30,001 - $48,000

$11,150

$48,001 - $75,000

$8,036

$75,001 - $110,000

$6,181

Over $110,000

$5,468

As shown in the table lower the family income higher is the amount of aid one can expect to receive. Those students who have a family income under $30,000 can expect to receive an aid amount of $11,515 while those with family income over $110,000 can expect to receive an aid amount of $5,468. This helps students who are coming from low-income homes to pay for their degrees.For further more details, refer offical website.

Student Loans for Murray State University

Average Loan Amount Average Loan Amount received per year.

$8,696/Year

Students Taking Out Loans

57%

Loan Default Rate

8.5%

As shown in the table, 57% of students are getting helped from loans with an average amount of $8696. The university provides financial aid to students and their families to make their educational journey affordable and easy.

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