by our College Data Analytics TeamMost college students will not be charged the full price tag of a school. Instead, they will be offered a financial aid package that includes a combination of loans, grants, scholarships and possibly work-study opportunities.
The amount of financial assistance and scholarships or grants you can get varies based on your circumstances. Keep reading to learn more to help you to know just how much aid and scholarships to expect from MLC.
Martin Luther College average financial aid offer for freshmen students is $5,834.00. About 99% of first year students receive financial aid, most of which is in the form of loans.
Loans are a part of financial aid plans, but the only true college discount is a scholarship or grant that you don’t have to repay.
A college loan is not a true college discount, but rather an outcome to consider. Find out how much student loan debt from Martin Luther College you may end up taking on.
Institutional scholarships and grants refer to financial aid provided directly by a college or university to support students in covering their educational expenses. These awards can be either merit-based or need-based and do not require repayment. Merit-based institutional scholarships reward students who have demonstrated exceptional academic achievements, talents, or skills in specific areas. Such scholarships often take into account a student’s high school performance, standardized test scores, or extracurricular activities. On the other hand, need-based institutional grants are allocated to students who exhibit financial need. The amount awarded is usually determined by the student’s family’s financial circumstances and aims to cover the difference between the cost of attendance and the family’s capacity to pay. To assess eligibility for need-based grants, colleges and universities may use information from the Free Application for Federal Student Aid (FAFSA) or other financial aid forms. Institutional scholarships and grants play a crucial role in assisting students, as they can considerably lower the cost of college and make higher education more attainable.
The next numbers refer to grants and scholarships mainly supplied by the college itself.
89% of new students (150 total) were offered scholarships at Martin Luther College, averaging $4,148.00 per person. This puts it in the top 50th percentile among colleges and universities nationwide.
As well as scholarships, 82% of freshmen (138 total) obtained a federal grant, for about $1,693.00 a piece.
The table following demonstrates grant and scholarship distributions by income level for freshmen getting any sort of federally-funded Title IV aid, which includes Federal PLUS loans.
| Income Level | Percent of Freshman | Average Assistance |
|---|---|---|
| Income 0-30k | 2.98% | $3,567.00 |
| Income 30k-48k | 2.38% | $2,645.00 |
| Income 48k-75k | 20.24% | $8,620.00 |
| Income 75k-110k | 26.79% | $4,782.00 |
| Income 110k + | 11.90% | $2,160.00 |
The table above shows undergrads who are getting Title IV aid, which is federal assistance from the government in the form of grants, loans, and work-study. Learn more here.
153 MLC undergrads obtain grant aid (this is about 99% of the entire undergraduate student population). The average amount these students receive is $5,834.00.
Check out the Tuition and Fees page or the Cost Per Credit Hour page to find out more.
References
More about our data sources and methodologies.