by our College Data Analytics TeamA large number of students will not be asked to pay 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 total price of attendance at Elon University can feel overpowering, but remember that the majority of students receive some sort of financial assistance.
Just what financial aid solutions can Elon provide, and just what are you going to be eligible for? Keep reading for answers. Read on to find out what amount of financial assistance will be accessible to you.
How much aid you qualify for depends largely on your family’s financial circumstances. Read on to get a sense of the financial assistance available at Elon University.
Aid such as grants, loans, work-study, and scholarships helps colleges decrease the real cost of attendance for most students. However, some types of aid are more desirable than others, and some students will receive more than others.
For freshmen starting at Elon University, 81% of first-year full-time students received aid of some kind some 1360 freshmen).
| Type of Aid | % of Freshmen Receiving | Average Amount |
|---|---|---|
| Grant or scholarship aid (all sources) | 77% | $17,867 |
| Institutional grants & scholarships | 77% | $16,647 |
| Federal Pell grants | 10% | $5,375 |
| State/local grants | 6% | $6,800 |
| Federal student loans | 28% | $5,286 |
Gift aid — grants and scholarships — beats loans every time because none of it has to be repaid. At Elon, some 70% of undergraduates were awarded an average grant or scholarship of $17,778 (covering around 4479 recipients).
| Award | % of Undergrads Receiving | Average Amount |
|---|---|---|
| Grant or scholarship aid (all sources) | 70% | $17,778 |
| Federal Pell grants | 10% | $5,427 |
| Federal student loans | 24% | $6,266 |
For on-campus title-IV students, average grant aid came to $20,711.
How much a family pays depends heavily on income, because most aid is awarded on the basis of financial need.
| Family Income | Average Net Price |
|---|---|
| $0 – $48,000 | $25,536 |
| $30,001 – $75,000 | $29,123 |
| Over $75,000 | $46,162 |
Each amount is the average cost remaining once grant aid is subtracted, by income band.
After grants and scholarships come off the published price, what remains is the net price — the best estimate of true out-of-pocket cost.
| Cohort | Average Net Price |
|---|---|
| On-campus title-IV students | $41,555 |
| Off-campus title-IV students | $41,048 |
For a personalized estimate based on your family’s financial situation, use Elon’s NPC: www.elon.edu/u/admissions/undergraduate/financial-aid/tuition-and-aid/.
The median federal debt load at Elon comes to $18,500 of federal borrowing.
| Metric | Amount |
|---|---|
| Median federal debt (all student-aid borrowers) | $18,500 |
| Median federal debt (graduates only) | $20,500 |
| Typical 10-year monthly payment (graduates) | $217.33/mo |
Under a standard ten-year plan, the median graduate’s monthly payment lands near the figure above.
A single median figure conceals how much debt outcomes differ student to student. Use the percentiles below to see the debt range at Elon.
| Percentile | Cumulative Federal Debt |
|---|---|
| 10th percentile (lowest-debt students) | $5,500 |
| 25th percentile | $8,000 |
| 75th percentile | $27,000 |
| 90th percentile (highest-debt students) | $27,000 |
Median debt varies by family income, by first-generation status, and by dependency status.
Debt by Income Tier
| Income tier | Median federal debt |
|---|---|
| Low income | $18,875 |
| Middle income | $17,500 |
| High income | $18,500 |
First-Generation Comparison
| Cohort | Median federal debt |
|---|---|
| First-generation students | $19,000 |
| Continuing-generation students | $17,750 |
The figure below distills the debt data into a single burden category for Elon.
The Stafford loan program is the largest source of federal direct loans to undergraduates. Below is the annual Stafford program activity at Elon:
| Metric | Value |
|---|---|
| Stafford loan recipients | 11337 |
| Total Stafford loan amount | $270,390,734 |
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 | 62 |
| Total GI Bill amount | $1,718,184 |
| Average GI Bill amount per recipient | $27,713 |
References
More about our data sources and methodologies.