by our College Data Analytics TeamA large number of students are not billed the advertised price of a school. Instead, they will be provided a financial aid package that will include a combination of scholarships, grants, loans, and work-study. The price tag of going to Maryland Institute College of Art can appear overpowering, but remember that the majority of students obtain some kind of financial assistance.
Just what financial aid solutions can MICA provide, and just what are you going to be eligible for? Keep reading for answers. Read on to see how much school funding could be available to you.
The amount of financial aid and scholarships you are eligible for will vary depending on your family’s income. Use the information below to understand how much financial assistance you may get from Maryland Institute College of Art.
Aid such as grants, loans, work-study, and scholarships helps colleges decrease the real cost of attendance for most students. Note that some aid is more valuable than the rest, and individual awards are far from uniform.
Looking at the entering class at Maryland Institute College of Art, 100% of first-time, full-time freshmen received some form of financial aid roughly 277 first-years).
| Type of Aid | % of Freshmen Receiving | Average Amount |
|---|---|---|
| Grant or scholarship aid (all sources) | 100% | $29,578 |
| Institutional grants & scholarships | 100% | $26,064 |
| Federal Pell grants | 27% | $5,952 |
| State/local grants | 14% | $13,175 |
| Federal student loans | 48% | $5,262 |
Unlike loans, grants and scholarships are gift aid that does not need to be paid back, making them the most desirable form of assistance. Across the undergraduate body at MICA, some 94% of undergrads got grants or scholarships worth on average $25,709 (for some 1249 awardees).
| Award | % of Undergrads Receiving | Average Amount |
|---|---|---|
| Grant or scholarship aid (all sources) | 94% | $25,709 |
| Federal Pell grants | 23% | $5,486 |
| Federal student loans | 41% | $6,369 |
Title-IV recipients living on campus saw average grant aid of $34,131.
The figures below show the average net price — cost after all grant and scholarship aid — broken out by family income.
| Family Income | Average Net Price |
|---|---|
| $0 – $48,000 | $28,822 |
| $30,001 – $75,000 | $35,683 |
| Over $75,000 | $45,006 |
These figures reflect what title-IV aid recipients pay after grant and scholarship aid is applied.
Net price is the average annual cost after grants and scholarships are subtracted from the published cost of attendance — the figure closest to what a typical aid-receiving student actually pays.
| Cohort | Average Net Price |
|---|---|
| On-campus title-IV students | $42,729 |
| Off-campus title-IV students | $38,429 |
For an estimate tailored to your family circumstances, see MICA’s official net price calculator: www.mica.edu/financial-aid/undergraduate-financial-aid/new-students/net-price-calculator/.
The middle student in the debt distribution at MICA owes $16,250 of cumulative federal debt.
| Metric | Amount |
|---|---|
| Median federal debt (all student-aid borrowers) | $16,250 |
| Median federal debt (graduates only) | $26,500 |
| Typical 10-year monthly payment (graduates) | $280.94/mo |
That monthly figure reflects the median graduate debt repaid on a standard 10-year federal schedule.
The median alone does not show how widely outcomes vary across the student body. These percentiles trace how cumulative federal debt is spread among borrowers at MICA.
| Percentile | Cumulative Federal Debt |
|---|---|
| 10th percentile (lowest-debt students) | $5,500 |
| 25th percentile | $12,000 |
| 75th percentile | $28,000 |
| 90th percentile (highest-debt students) | $32,500 |
How much a student borrows depends heavily on family income, first-gen status, and dependency.
Debt by Income Tier
| Income tier | Median federal debt |
|---|---|
| Low income | $17,313 |
| Middle income | $15,750 |
| High income | $15,890 |
First-Gen vs Continuing-Gen Median Debt
| Cohort | Median federal debt |
|---|---|
| First-generation students | $19,000 |
| Continuing-generation students | $14,000 |
By Dependency Status
| Cohort | Median federal debt |
|---|---|
| Dependent students | $15,125 |
| Independent students | $24,961 |
The figure below distills the debt data into a single burden category for MICA.
The Stafford program is the federal direct-loan vehicle most undergraduates use. Below is the annual Stafford program activity at MICA:
| Metric | Value |
|---|---|
| Stafford loan recipients | 6443 |
| Total Stafford loan amount | $144,385,914 |
Veterans and active-duty service members may qualify for the Post-9/11 GI Bill or DoD Tuition Assistance.
GI Bill volume
| Metric | Value |
|---|---|
| GI Bill recipients | 59 |
| Total GI Bill amount | $1,489,625 |
| Average GI Bill amount per recipient | $25,248 |
DoD program volume
| Metric | Value |
|---|---|
| DoD Tuition Assistance recipients | 0 |
| Total DoD amount | $0 |
References
More about our data sources and methodologies.