$5,306

Avg. Federal Grant

$5,266

Avg. Federal Loan

$66,912,897

Total Aid Awarded

New York Institute of Technology (NYIT) Financial Aid and Scholarships

Students Receiving Aid Percent of Students Receiving Financial Aid.

84%

Total Aid Amount Average Total Aid Awarded per year.

$66.913M

Financial Aid Official Website

www.nyit.edu/admissions/financial_aid

Such schemes include Academic Scholarship, Aid to Native Americans, Albert E. Wischmeyer Memorial Scholarship, and Graduate Scholar Award. It is interesting to note that, every year, around 99% of students at NYIT receive some kind of financial aid, while the total amount of assistance/loans provided is $11,710,247. Notably, a total of 47% of the applicants to New York Institute of Technology receive the Federal Grant every year. On the other hand, 99% of the candidates get the Student Grant, 98% receive the Institution Grant, and 47% get the Pell Grant. Furthermore, the average aid for the Federal Grant receivers is $5,254, and the same stands at $3,604 for State Grant awardees and $22,950 for Institution Grant recipients. And, for the Pell Grant awardees, the average aid amount is $5,019. 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. Apart from financial grants and scholarships, candidates can also avail of monetary benefits like student loans to fund 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 58% of the applicants to New York Institute of Technology opt for student loans.

Financial Aid Breakdown

Student Receiving Aid

Federal Grant Aid

47%

State Grant Aid

42%

Institution Grant Aid

98%

Pell Grant

47%

Average Aid Awarded

Federal Grant Aid

$5,306

State Grant Aid

$3,595

Institution Grant Aid

$22,058

Pell Grant

$5,133

Financial Aid Breakdown refers to the Breakdown of Federal Grants, Institutional Grants, State Grants, and PELL Grants.

Highest Financial Aid provided is in the form of Institutional Grants, which at 98% amounts to $22058.

Additionally, the following monetary aids are provided:

Percentage of State Grant provided is 42% amounting to $3595. Average PELL Grant provided is $5133.

 

Federal Aid based on Family Income

Family Income

Average Federal Aid Per Year

Under $30,000

$30,636

$30,001 - $48,000

$29,205

$48,001 - $75,000

$26,565

$75,001 - $110,000

$23,098

Over $110,000

$22,177

Average Federal Aid and Family Income are interlinked, as a change in the family income also induces a change in the average federal aid. 

According to the above table, an average federal aid of $30,636 is available for family income below $30K. Average federal aid of  $29,205 is available for anyone hailing from a family wherein the income is anywhere between $30K  and $48K. For family income over $110K, average family aid available is $22177. 

Student Loans for New York Institute of Technology (NYIT)

Average Loan Amount Average Loan Amount received per year.

$6,383/Year

Students Taking Out Loans

54%

Loan Default Rate

N/A

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