$4,964

Avg. Federal Grant

$5,337

Avg. Federal Loan

$11,589,291

Total Aid Awarded

Oakwood University Financial Aid and Scholarships

Students Receiving Aid Percent of Students Receiving Financial Aid.

89%

Total Aid Amount Average Total Aid Awarded per year.

$11.589M

Financial Aid Official Website

www2.oakwood.edu/financial-aid/

It is interesting to note that almost every student at OU receives some kind of financial aid, while the total amount of provided assistance/loans in a year is $8,399,614. One can visit OU's financial aid page at http://www2.oakwood.edu/financial-aid/ for more information. The total percentage of candidates applying to Oakwood University who receive the Federal Grant is 55%. Meanwhile, 100% of the applicants receive the Student Grant and 99% are awarded the Institution Grant, while 55% of the students get the Pell Grant. While the Federal Grant awardees receive an average aid of $5,385, the State Grant receivers and Institution Grant beneficiaries get $905 and $10,880, respectively. And, for the Pell Grant awardees, the average aid amount is $4,765. The annual family income of a candidate is one of the key factors in determining their total eligibility for financial aid. Students whose family income per annum is less than $30,000 will receive a federal aid of $11,230 on average in a year. For the $30,001-$48,000 and $48,001-$75,000 family income brackets, the average aid amount stands at $10,784 and $9,640, respectively. On the other hand, the average federal aid stands at $5,822 for those with an annual family income between $75,001 and $110,000, and at $9,874 for an income more than $110,000. 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 Oakwood University, the percentage of candidates who opt to avail of student loans is around 74%.

Financial Aid Breakdown

Student Receiving Aid

Federal Grant Aid

47%

State Grant Aid

20%

Institution Grant Aid

95%

Pell Grant

47%

Average Aid Awarded

Federal Grant Aid

$4,964

State Grant Aid

$618

Institution Grant Aid

$8,242

Pell Grant

$4,565

Federal Aid based on Family Income

Family Income

Average Federal Aid Per Year

Under $30,000

$10,813

$30,001 - $48,000

$11,463

$48,001 - $75,000

$10,465

$75,001 - $110,000

$7,856

Over $110,000

$9,326

Student Loans for Oakwood University

Average Loan Amount Average Loan Amount received per year.

$6,591/Year

Students Taking Out Loans

67%

Loan Default Rate

10.4%

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