$4,666

Avg. Federal Grant

$5,288

Avg. Federal Loan

$8,738,032

Total Aid Awarded

Southwest Minnesota State University Financial Aid and Scholarships

Students Receiving Aid Percent of Students Receiving Financial Aid.

24%

Total Aid Amount Average Total Aid Awarded per year.

$8.738M

Financial Aid Official Website

www.smsu.edu/campuslife/financialaid/index.html

Notably, 97% of the students at Southwest Minnesota State University get some kind of financial aid every year, and the total amount of assistance/loans provided adds up to around $7,461,108. Notably, a total of 42% of the applicants to Southwest Minnesota State University receive the Federal Grant every year. In comparison, 94% of the students are awarded the Student Grant, 82% get the Institution Grant, and 42% of the applicants receive the Pell Grant. While the Federal Grant awardees receive an average aid of $4,641, the State Grant receivers and Institution Grant beneficiaries get $2,768 and $2,463, respectively. On the other hand, the average aid received by the Pell Grant awardees is $4,075. 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. Candidates are also required to repay these loans within a given period. At SMSU, an estimated number of 70% of the applicants choose to go for student loans.

Financial Aid Breakdown

Student Receiving Aid

Federal Grant Aid

37%

State Grant Aid

43%

Institution Grant Aid

78%

Pell Grant

37%

Average Aid Awarded

Federal Grant Aid

$4,666

State Grant Aid

$2,801

Institution Grant Aid

$2,757

Pell Grant

$4,432

Federal Aid based on Family Income

Family Income

Average Federal Aid Per Year

Under $30,000

$9,187

$30,001 - $48,000

$8,411

$48,001 - $75,000

$6,443

$75,001 - $110,000

$3,064

Over $110,000

$2,485

Student Loans for Southwest Minnesota State University

Average Loan Amount Average Loan Amount received per year.

$6,985/Year

Students Taking Out Loans

65%

Loan Default Rate

4.8%

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