by our College Data Analytics TeamMany 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 sum total of attendance at Midwest Technical Institute - Springfield, Illinois can sound tremendous, but do not forget that almost all students get some type of financial help.
Just what financing solutions does MTI - Springfield, Illinois provide, and just what are you going to be eligible for? Keep scrolling for answers. Read on to learn just how much financial aid will be open to you.
The amount of financial aid you can receive varies from person to person and will depend on your family’s economic situation. Use the information below to understand how much financial assistance you may get from Midwest Technical Institute - Springfield, Illinois.
Financial assistance, available as scholarships, loans, and work-study, is a way schools lower the price of attendance so many students can enroll. However, some types of aid are more desirable than others, and some students will receive more than others.
Looking at the entering class at Midwest Technical Institute - Springfield, Illinois, 80% of first-year full-time students received aid of some kind around 757 new students).
| Type of Aid | % of Freshmen Receiving | Average Amount |
|---|---|---|
| Grant or scholarship aid (all sources) | 73% | $6,852 |
| Institutional grants & scholarships | 12% | $2,765 |
| Federal Pell grants | 66% | $6,135 |
| State/local grants | 7% | $2,844 |
| Federal student loans | 73% | $7,576 |
Unlike loans, grants and scholarships are gift aid that does not need to be paid back, making them the most desirable form of assistance. Here, roughly 71% of undergrads got grants or scholarships worth on average $6,513 (among about 1446 awardees).
| Award | % of Undergrads Receiving | Average Amount |
|---|---|---|
| Grant or scholarship aid (all sources) | 71% | $6,513 |
| Federal Pell grants | 65% | $6,314 |
| Federal student loans | 73% | $8,014 |
For students living on campus and receiving title-IV aid, grants averaged $5,841.
Need-based aid means lower-income families typically pay far less than the sticker price suggests.
| Family Income | Average Net Price |
|---|---|
| $0 – $48,000 | $26,175 |
| $30,001 – $75,000 | $26,863 |
| Over $75,000 | $30,448 |
Each amount is the average cost remaining once grant aid is subtracted, by income band.
The net price strips out grant and scholarship aid from the sticker price to show roughly what families really pay.
| Cohort | Average Net Price |
|---|---|
| On-campus title-IV students | $27,793 |
| Off-campus title-IV students | $26,815 |
To get a personalized net price estimate, try MTI - Springfield, Illinois’s official net price calculator: www.midwesttech.edu/netcalculator/.
The middle student in the debt distribution at MTI - Springfield, Illinois owes $9,251 of federal borrowing.
| Metric | Amount |
|---|---|
| Median federal debt (all student-aid borrowers) | $9,251 |
| Median federal debt (graduates only) | $9,500 |
| Typical 10-year monthly payment (graduates) | $100.72/mo |
Spreading the median graduate debt over a standard 10-year repayment schedule works out to roughly the monthly payment shown above.
The median alone does not show how widely outcomes vary across the student body. Use the percentiles below to see the debt range at MTI - Springfield, Illinois.
| Percentile | Cumulative Federal Debt |
|---|---|
| 10th percentile (lowest-debt students) | $4,100 |
| 25th percentile | $5,500 |
| 75th percentile | $9,500 |
| 90th percentile (highest-debt students) | $9,500 |
How much a student borrows depends heavily on family income, first-gen status, and dependency.
Median Debt by Income Bracket
| Income tier | Median federal debt |
|---|---|
| Low income | $9,301 |
| Middle income | $7,301 |
| High income | $5,500 |
By First-Generation Status
| Cohort | Median federal debt |
|---|---|
| First-generation students | $9,251 |
| Continuing-generation students | $9,301 |
Dependency-Status Comparison
| Cohort | Median federal debt |
|---|---|
| Dependent students | $5,500 |
| Independent students | $9,500 |
The figure below distills the debt data into a single burden category for MTI - Springfield, Illinois.
Stafford loans make up the bulk of federal direct lending to undergraduates. The annual Stafford volume below reflects program activity at MTI - Springfield, Illinois:
| Metric | Value |
|---|---|
| Stafford loan recipients | 28473 |
| Total Stafford loan amount | $226,868,030 |
If you are a veteran or active-duty service member, the GI Bill and DoD Tuition Assistance are the primary federal programs you can use at this school.
GI Bill volume
| Metric | Value |
|---|---|
| GI Bill recipients | 16 |
| Total GI Bill amount | $220,047 |
| Average GI Bill amount per recipient | $13,753 |
References
More about our data sources and methodologies.