$5,015

Avg. Federal Grant

$5,475

Avg. Federal Loan

$16,430,380

Total Aid Awarded

Salem College Financial Aid and Scholarships

Students Receiving Aid Percent of Students Receiving Financial Aid.

91%

Total Aid Amount Average Total Aid Awarded per year.

$16.430M

Financial Aid Official Website

www.salem.edu/financialaid

Such schemes include Academic Scholarship, Christian Gregor Scholarship, Dunford Music Scholarship, and Fletcher Foundation Scholarship. Notably, 98% of the students at Salem College get some kind of financial aid every year, and the total amount of assistance/loans provided adds up to around $3,658,648. At SC, the total percentage of applicants who receive the Federal Grant stands at 47%. In comparison, 98% of the students are awarded the Student Grant, 98% get the Institution Grant, and 47% of the applicants receive the Pell Grant. Furthermore, the average aid for the Federal Grant receivers is $5,651, and the same stands at $4,782 for State Grant awardees and $21,551 for Institution Grant recipients. On the other hand, the average aid received by the Pell Grant awardees is $4,443. 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. 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. Every year, around 68% of the applicants to Salem College opt for student loans.

Financial Aid Breakdown

Student Receiving Aid

Federal Grant Aid

55%

State Grant Aid

43%

Institution Grant Aid

98%

Pell Grant

55%

Average Aid Awarded

Federal Grant Aid

$5,015

State Grant Aid

$5,008

Institution Grant Aid

$24,160

Pell Grant

$4,776

Federal Aid based on Family Income

Family Income

Average Federal Aid Per Year

Under $30,000

$30,279

$30,001 - $48,000

$30,194

$48,001 - $75,000

$26,937

$75,001 - $110,000

$21,947

Over $110,000

$20,526

Student Loans for Salem College

Average Loan Amount Average Loan Amount received per year.

$5,884/Year

Students Taking Out Loans

73%

Loan Default Rate

4.1%

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