by our College Data Analytics TeamA large number of students will not be asked to pay the full sticker price of a school. Rather, they are offered a financial aid plan that includes a mix of loans, grants, scholarships, and possibly work-study opportunities. The price tag of going to Hanover College can appear overpowering, but remember that the majority of students obtain some kind of financial assistance.
What financial aid options can Hanover offer, and what will you qualify for? Keep reading for more information. Keep reading to see what amount of financial assistance could be accessible to you.
Your financial aid package, which may contain grants and scholarships, will be determined on your financial need. Use the information below to understand how much financial assistance you may get from Hanover College.
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. Keep in mind that certain forms of assistance are more beneficial than others, and aid amounts differ from student to student.
Among first-time, full-time freshmen at Hanover College, 100% of first-year full-time students received aid of some kind approximately 264 freshmen).
| Type of Aid | % of Freshmen Receiving | Average Amount |
|---|---|---|
| Grant or scholarship aid (all sources) | 100% | $35,263 |
| Institutional grants & scholarships | 100% | $30,989 |
| Federal Pell grants | 31% | $5,014 |
| State/local grants | 26% | $9,430 |
| Federal student loans | 55% | $4,903 |
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, some 100% of undergraduates were awarded an average grant or scholarship of $34,247 (across roughly 964 students).
| Award | % of Undergrads Receiving | Average Amount |
|---|---|---|
| Grant or scholarship aid (all sources) | 100% | $34,247 |
| Federal Pell grants | 26% | $5,333 |
| Federal student loans | 52% | $6,433 |
For on-campus title-IV students, average grant aid came to $36,992.
Because need-based aid scales with family income, what students actually pay differs sharply across income brackets.
| Family Income | Average Net Price |
|---|---|
| $0 – $48,000 | $16,201 |
| $30,001 – $75,000 | $18,462 |
| Over $75,000 | $25,359 |
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 | $21,829 |
| Off-campus title-IV students | $21,826 |
For an estimate tailored to your family circumstances, see Hanover’s net price tool: npc.collegeboard.org/student/app/hanover.
The median student at Hanover graduates with $19,500 in federal student debt.
| Metric | Amount |
|---|---|
| Median federal debt (all student-aid borrowers) | $19,500 |
| Median federal debt (graduates only) | $25,250 |
| Typical 10-year monthly payment (graduates) | $267.69/mo |
The 10-year payment estimate assumes a standard federal repayment plan and the median graduate debt amount.
Looking only at the median can be misleading because it hides the spread. The four reference points below map the debt distribution at Hanover.
| Percentile | Cumulative Federal Debt |
|---|---|
| 10th percentile (lowest-debt students) | $5,500 |
| 25th percentile | $9,200 |
| 75th percentile | $27,000 |
| 90th percentile (highest-debt students) | $32,500 |
Outcomes differ by income bracket, by first-generation status, and by whether a student is financially dependent.
Debt by Income Tier
| Income tier | Median federal debt |
|---|---|
| Low income | $16,767 |
| Middle income | $19,072 |
| High income | $20,500 |
First-Generation Comparison
| Cohort | Median federal debt |
|---|---|
| First-generation students | $16,875 |
| Continuing-generation students | $21,500 |
The figure below distills the debt data into a single burden category for Hanover.
The Stafford program is the federal direct-loan vehicle most undergraduates use. The totals below capture Stafford lending at Hanover:
| Metric | Value |
|---|---|
| Stafford loan recipients | 3597 |
| Total Stafford loan amount | $59,733,205 |
The GI Bill and DoD Tuition Assistance are the main federal aid routes for veterans and service members.
GI Bill volume
| Metric | Value |
|---|---|
| GI Bill recipients | 5 |
| Total GI Bill amount | $63,235 |
| Average GI Bill amount per recipient | $12,647 |
References
More about our data sources and methodologies.