Find the Answers to the Following Questions About Financial Aid

  • What's the average financial aid offered to students?
  • How much of that financial aid is scholarships and grants (free money)?
  • What's the average amount of loans each student takes out?

While it Helps to be Bill Gates if You Want to Afford College, You May Not Have to Be

Lafayette College's average financial aid package for incoming freshmen is $38,258. Approximately 56.0% of incoming students receive some form of financial assistance, the majority of which is in the form of scholarships and grants.

Think You Can't Afford to Pay? Would $31,815 Help?

These scholarships and grants are primarily provided by the college itself. In fact, 356 incoming freshmen were awarded scholarships at Lafayette College, averaging $30,488. This ranks in the top 20th percentile of all colleges nationwide.

In addition to scholarships, 82 students were awarded federal grant aid, averaging $5,549 each.

The chart below shows the average amount of scholarship and grant aid distributed to all freshmen.

The table below shows grant and scholarship distributions by income level for freshman students receiving any form of federally-funded Title IV assistance, including Federal PLUS loans.

Income LevelPercent of Freshman StudentsAverage Assistance
Income 0-30k4.9%$42,038
Income 30k-48k4.4%$45,836
Income 48k-75k7.2%$37,851
Income 75k-110k11.4%$31,224
Income 110k +22.7%$13,677

Undergraduate Scholarships and Grants Average $29,449

Of the 2,478 undergraduate students at Lafayette College about 54% get some form of grant aid. The average amount awarded to these 1,349 students was $29,449.

Freshmen At This School Take Out an Average of $6,443 in Loans in Their First Year

At Lafayette College, 52.0% of incoming students take out a loan to help defray freshman year costs, averaging $6,443. This amount includes both private and federally-funded student loans. The average federal loan is $5,446, 99.0% of the first-year borrowing cap of $5,500 for the typical first-year dependent student. (Independent students and those with parents who do not qualify for PLUS loans have higher borrowing caps.)

The Average Loan Amount for All Undergrads at This School is $6,281 Per Year. This Could Grow to $25,124 After 4 Years

43.0% of all undergraduate students at Lafayette College utilize federal student loans to help pay for their college education, averaging $6,281 per year. This amount is 15.3% higher than the $5,446 amount borrowed by freshmen, indicating an increasing gap between available funds and college costs, and an increasing reliance on student loans.

Should you borrow at the average loan rate each year, over the course of two years you will have borrowed $12,562 over four year $25,124.

Were you surprised by how much you will have borrowed by the time you graduate? These numbers are based on borrowing the same amount each year, but what if you borrow more? These numbers also do not include any loans where the 'parent' is the borrower, even though Parent PLUS loans are frequently included in financial aid packages.

Financial Aid Information at Lafayette College

Financial Aid Department Websitefinaid.lafayette.edu/
Net Price Calculatornpc.collegeboard.org/student/app/lafayette

Questions to Consider

  • Did you know financial aid packages can be negotiated? Financial aid is based on need, but you may be able to demonstrate a greater financial need than the one that has been calculated for you.
  • Is that a loan or a grant? Colleges include loans in their financial aid packages to students, even though they have to be paid back. Make sure you know how much of your financial "aid" is free money, and how much is debt.
  • In addition to the FAFSA, are there any other applications you must fill out in order to be considered for financial aid from this college?
  • Will your financial aid package vary from year to year? Are there any requirements that have to be maintained in order to qualify for scholarships, merit awards or talent awards year-to-year?

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