by our College Data Analytics TeamThe majority of college students don’t pay the full price for their education, as financial aid packages, including scholarships, grants, loans, and work-study opportunities, help to offset the costs.
Curious about the financial aid opportunities at MICA and what you may be eligible for? Explore the answers here.
Maryland Institute College of Art average financial aid offer for freshmen students is $21,655.00. About 100% of first year students receive financial aid, most of which is in the form of grants and scholarships.
Loans are included in the umbrella of ‘financial aid’, even so, the only true discount from the cost of college is a grant or scholarship that you don’t have to pay back.
Concerned about the loans that may be included in your financial aid package? See the average amount of debt per student at Maryland Institute College of Art.
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 numbers below apply to scholarships and grants primarily provided by Maryland Institute College of Art.
100% of new students (404 total) were given scholarships at Maryland Institute College of Art, averaging $20,282.00 per student. This puts it the top 25th percentile among colleges and universities nationwide.
In addition to scholarships, 17% of freshman students (67 total) obtained federal grant aid, averaging $6,156.00 a piece.
The next table shows grant and scholarship distributions by income for first-year students getting any form of federally-funded Title IV aid, including Federal PLUS loans.
| Income Level | Percent of Freshman | Average Assistance |
|---|---|---|
| Income 0-30k | 8.17% | $36,097.00 |
| Income 30k-48k | 4.95% | $30,568.00 |
| Income 48k-75k | 5.45% | $28,517.00 |
| Income 75k-110k | 8.42% | $25,512.00 |
| Income 110k + | 18.07% | $23,506.00 |
The table above shows students who are receiving Title IV aid, which is federal assistance from the government in the form of grants, loans, and work-study. Learn more.
404 MICA undergrads obtain grant aid (this is about 100% of the entire undergraduate student population). The average amount these students receive is $21,655.00.
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.
