$4,484

Avg. Federal Grant

$4,581

Avg. Federal Loan

$5,930,508

Total Aid Awarded

Southwestern Michigan College Financial Aid and Scholarships

Students Receiving Aid Percent of Students Receiving Financial Aid.

54%

Total Aid Amount Average Total Aid Awarded per year.

$5.931M

Financial Aid Official Website

www.swmich.edu/financialaid/

It is interesting to note that, every year, around 89% of students at SMC receive some kind of financial aid, while the total amount of assistance/loans provided is $2,245,507. At SMC, the total percentage of applicants who receive the Federal Grant stands at 60%. On the other hand, 85% of the candidates get the Student Grant, 52% receive the Institution Grant, and 60% get the Pell Grant. Furthermore, the average aid for the Federal Grant receivers is $4,943, and the same stands at $2,993 for State Grant awardees and $2,013 for Institution Grant recipients. As far as the Pell Grant beneficiaries are concerned, the average aid received stands at $3,907. The annual family income of the applicants is also considered for determining the total financial assistance that they will be eligible for. 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. While grants and scholarship schemes do not require repayment, student loans should be repaid by the applicants within a given period. Every year, around 34% of the applicants to Southwestern Michigan College opt for student loans.

Financial Aid Breakdown

Student Receiving Aid

Federal Grant Aid

62%

State Grant Aid

26%

Institution Grant Aid

44%

Pell Grant

62%

Average Aid Awarded

Federal Grant Aid

$4,484

State Grant Aid

$2,827

Institution Grant Aid

$1,970

Pell Grant

$4,407

Federal Aid based on Family Income

Family Income

Average Federal Aid Per Year

Under $30,000

$6,799

$30,001 - $48,000

$6,286

$48,001 - $75,000

$5,125

$75,001 - $110,000

$1,792

Over $110,000

$901

Student Loans for Southwestern Michigan College

Average Loan Amount Average Loan Amount received per year.

$4,716/Year

Students Taking Out Loans

35%

Loan Default Rate

15.1%

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