by our College Data Analytics TeamA lot of students will never be charged the complete price tag of a school. Rather, they are presented a financial aid deal that includes a mix of loans, grants, scholarships, and possibly work-study opportunities. The sum total of attendance at Cleveland Institute of Music can sound tremendous, but do not forget that almost all students get some type of financial help.
What financial assistance options will Cleveland Institute of Music offer you, and what will you qualify for? Read on for more information. Keep going to learn just how much financial aid will be open to you.
Eligibility for aid and scholarships is driven mostly by your household’s income and need. Read on to get a sense of the financial assistance available at Cleveland Institute of Music.
Financial assistance, available as scholarships, loans, and work-study, is a way schools lower the price of attendance so many students can enroll. Some kinds of aid are clearly preferable to others, and outcomes differ across students.
For incoming first-year students at Cleveland Institute of Music, 100% of the incoming full-time class was awarded financial aid (about 43 first-years).
| Type of Aid | % of Freshmen Receiving | Average Amount |
|---|---|---|
| Grant or scholarship aid (all sources) | 100% | $31,191 |
| Institutional grants & scholarships | 100% | $30,337 |
| Federal Pell grants | 14% | $4,828 |
| State/local grants | 0% | — |
| Federal student loans | 40% | $5,147 |
Because grants and scholarships do not have to be repaid, they are the most sought-after type of financial aid. At this school, around 99% of undergraduates were awarded grant or scholarship aid averaging $26,115 (for some 196 recipients).
| Award | % of Undergrads Receiving | Average Amount |
|---|---|---|
| Grant or scholarship aid (all sources) | 99% | $26,115 |
| Federal Pell grants | 14% | $5,260 |
| Federal student loans | 32% | $5,929 |
For students living on campus and receiving title-IV aid, grants averaged $32,986.
Since aid is largely need-based, the real cost of attendance falls steeply for lower-income families.
| Family Income | Average Net Price |
|---|---|
| $0 – $48,000 | $31,248 |
| $30,001 – $75,000 | $33,826 |
| Over $75,000 | $33,332 |
Remember these are net prices — what families pay after gift aid, not before.
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 | $28,226 |
| Off-campus title-IV students | $32,623 |
For a customized cost estimate, visit Cleveland Institute of Music’s official net price calculator: www.cim.edu/net-price-calculator.
Graduating students at Cleveland Institute of Music carry a median federal student debt of $18,500 of federal borrowing.
| Metric | Amount |
|---|---|
| Median federal debt (all student-aid borrowers) | $18,500 |
| Median federal debt (graduates only) | $24,968 |
| Typical 10-year monthly payment (graduates) | $264.7/mo |
That monthly figure reflects the median graduate debt repaid on a standard 10-year federal schedule.
Looking only at the median can be misleading because it hides the spread. The figures below chart the debt distribution at Cleveland Institute of Music.
| Percentile | Cumulative Federal Debt |
|---|---|
| 25th percentile | $14,000 |
| 75th percentile | $34,500 |
Median debt varies by family income, by first-generation status, and by dependency status.
By Family Income
| Income tier | Median federal debt |
|---|---|
| High income | $13,087 |
The Department of Education computes summary indicators that describe debt outcomes at a glance. Cleveland Institute of Music.
Most undergraduate borrowing runs through the federal Stafford loan program. Below is the annual Stafford program activity at Cleveland Institute of Music:
| Metric | Value |
|---|---|
| Stafford loan recipients | 1261 |
| Total Stafford loan amount | $38,107,371 |
GI Bill and DoD Tuition Assistance are the two federal aid programs targeted at military-affiliated students.
Post-9/11 GI Bill recipients
| Metric | Value |
|---|---|
| GI Bill recipients | 2 |
| Total GI Bill amount | $26,874 |
| Average GI Bill amount per recipient | $13,437 |
References
More about our data sources and methodologies.