University of Minnesota - Twin Cities (UMN) Financial Aid and Scholarships
Students Receiving Aid
56%
Total Aid Amount
$179.687M
Financial Aid Official Website
https://onestop.umn.edu/finances/receiving-financial-aid
It is interesting to note that, every year, around 81% of students at UMTC receive some kind of financial aid, while the total amount of assistance/loans provided is $83,584,292. More information regarding the financial assistance schemes can be accessed on UMTC’s official financial aid page at https://onestop.umn.edu/finances/receiving-financial-aid. The total percentage of candidates applying to University of Minnesota-Twin Cities who receive the Federal Grant is 18%. On the other hand, 61% of the candidates get the Student Grant, 59% receive the Institution Grant, and 17% get the Pell Grant. Moreover, the average aid amount for Federal Grant awardees stands at $5,307, while the same comes to $5,764 for State Grant receivers and $5,640 for Institution Grant awardees. On the other hand, the average aid received by the Pell Grant awardees is $4,735. 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. Apart from financial grants and scholarships, candidates can also avail of monetary benefits like student loans to fund their education. In contrast to grants and scholarships, student loans are taken by the candidates at a certain rate of interest. While grants and scholarship schemes do not require repayment, student loans should be repaid by the applicants within a given period. At UMTC, an estimated number of 45% of the applicants choose to go for student loans.
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