by our College Data Analytics TeamThe majority of students are not billed the full, advertised sticker price of a school. Instead, they will be given a financial aid offer that will include a combination of scholarships, grants, loans, and work-study. The sum total of attendance at Ferris State University can sound overpowering, but remember that the majority of students get some type of financial assistance.
What financial assistance options will Ferris offer you, and what will you qualify for? Read on for more information. Keep scrolling to see how much school funding could be available to you.
Your financial aid package, which may contain grants and scholarships, will be determined on your financial need. Continue reading to find information to help you understand just how much assistance you can expect to receive from Ferris State University.
Financial aid, in the form of loans, grants, work-study, and scholarships, is one way colleges reduce the cost of attendance so most students can actually afford to attend. However, some types of aid are more desirable than others, and some students will receive more than others.
For incoming first-year students at Ferris State University, 99% of the incoming full-time class was awarded financial aid around 1562 new students).
| Type of Aid | % of Freshmen Receiving | Average Amount |
|---|---|---|
| Grant or scholarship aid (all sources) | 99% | $16,117 |
| Institutional grants & scholarships | 95% | $5,374 |
| Federal Pell grants | 47% | $6,345 |
| State/local grants | 68% | $11,213 |
| Federal student loans | 48% | $4,944 |
The best aid is gift aid: grants and scholarships that carry no repayment obligation. At Ferris, about 74% of undergraduate students received gift aid averaging $12,005 (for some 6595 students).
| Award | % of Undergrads Receiving | Average Amount |
|---|---|---|
| Grant or scholarship aid (all sources) | 74% | $12,005 |
| Federal Pell grants | 34% | $6,075 |
| Federal student loans | 43% | $6,740 |
Among title-IV aid recipients living on campus, grant and scholarship aid averaged $18,424.
Need-based aid means lower-income families typically pay far less than the sticker price suggests.
| Family Income | Average Net Price |
|---|---|
| $0 – $48,000 | $6,783 |
| $30,001 – $75,000 | $10,031 |
| Over $75,000 | $18,425 |
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 | $8,624 |
| Off-campus title-IV students | $12,202 |
To project your own net price, use Ferris’s official net price calculator: www.ferris.edu/admissions/financialaid/NetPriceCalculator.htm.
Graduating students at Ferris carry a median federal student debt of $15,500 of federal borrowing.
| Metric | Amount |
|---|---|
| Median federal debt (all student-aid borrowers) | $15,500 |
| Median federal debt (graduates only) | $21,000 |
| Typical 10-year monthly payment (graduates) | $222.63/mo |
Spreading the median graduate debt over a standard 10-year repayment schedule works out to roughly the monthly payment shown above.
Looking only at the median can be misleading because it hides the spread. These percentiles trace how cumulative federal debt is spread among borrowers at Ferris.
| Percentile | Cumulative Federal Debt |
|---|---|
| 10th percentile (lowest-debt students) | $3,750 |
| 25th percentile | $7,500 |
| 75th percentile | $28,000 |
| 90th percentile (highest-debt students) | $37,405 |
Median debt varies by family income, by first-generation status, and by dependency status.
By Family Income
| Income tier | Median federal debt |
|---|---|
| Low income | $15,213 |
| Middle income | $16,195 |
| High income | $15,250 |
By First-Generation Status
| Cohort | Median federal debt |
|---|---|
| First-generation students | $15,727 |
| Continuing-generation students | $15,010 |
Dependency-Status Comparison
| Cohort | Median federal debt |
|---|---|
| Dependent students | $15,000 |
| Independent students | $18,247 |
These indicators are derived from the underlying debt data and summarize the overall picture at Ferris.
The Stafford program is the federal direct-loan vehicle most undergraduates use. The totals below capture Stafford lending at Ferris:
| Metric | Value |
|---|---|
| Stafford loan recipients | 50360 |
| Total Stafford loan amount | $1,067,716,482 |
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 | 145 |
| Total GI Bill amount | $1,664,106 |
| Average GI Bill amount per recipient | $11,477 |
DoD Tuition Assistance activity
| Metric | Value |
|---|---|
| DoD Tuition Assistance recipients | 43 |
| Total DoD amount | $136,000 |
| Average DoD amount per recipient | $3,163 |
References
More about our data sources and methodologies.