$4,794

Avg. Federal Grant

$5,394

Avg. Federal Loan

$38,493,480

Total Aid Awarded

Randolph-Macon College Financial Aid and Scholarships

Students Receiving Aid Percent of Students Receiving Financial Aid.

99%

Total Aid Amount Average Total Aid Awarded per year.

$38.493M

Financial Aid Official Website

www.rmc.edu/prospective-students/paying-for-college/scholarships-and-aid

Such schemes include Carnegie Dartlet $10,000 Scholarship, Community Service Scholarship for Multicultural Students, Dean's Award, and Presidential Scholars Program. Interestingly, almost all of the students at RMC receive some sort of financial aid, and the total amount of assistance/loans provided totals more than $5,867,467 in a year. For additional information about financial assistance schemes, one can head over to RMC’s financial aid page at http://www.rmc.edu/prospective-students/paying-for-college/scholarships-and-aid. Notably, a total of 20% of the applicants to Randolph-Macon College receive the Federal Grant every year. On the other hand, 100% of the candidates get the Student Grant, 100% receive the Institution Grant, and 20% get the Pell Grant. Moreover, the average aid amount for Federal Grant awardees stands at $4,823, while the same comes to $3,148 for State Grant receivers and $24,273 for Institution Grant awardees. As far as the Pell Grant beneficiaries are concerned, the average aid received stands at $4,331. 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. On average, students with an annual family income of less than $30,000 will obtain a federal aid of $31,981 per year. For the $30,001-$48,000 and $48,001-$75,000 family income brackets, the average aid amount stands at $31,619 and $29,115, respectively. On the other hand, the average federal aid stands at $25,169 for those with an annual family income between $75,001 and $110,000, and at $23,237 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. However, student loans attract a certain rate of interest at which the funds are borrowed. Moreover, the funds received through these loans will have to be repaid within a given timeframe. At Randolph-Macon College, the percentage of candidates who opt to avail of student loans is around 62%.

Financial Aid Breakdown

Student Receiving Aid

Federal Grant Aid

23%

State Grant Aid

73%

Institution Grant Aid

100%

Pell Grant

22%

Average Aid Awarded

Federal Grant Aid

$4,794

State Grant Aid

$3,197

Institution Grant Aid

$22,789

Pell Grant

$4,201

Federal Aid based on Family Income

Family Income

Average Federal Aid Per Year

Under $30,000

$31,929

$30,001 - $48,000

$34,045

$48,001 - $75,000

$30,646

$75,001 - $110,000

$25,102

Over $110,000

$24,085

Student Loans for Randolph-Macon College

Average Loan Amount Average Loan Amount received per year.

$6,958/Year

Students Taking Out Loans

68%

Loan Default Rate

4.3%

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