by our College Data Analytics TeamMany students will never be charged 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 price tag of going to Michigan Technological University can appear overwhelming, but bear in mind that many students obtain some kind of financial aid.
What financial assistance options will Michigan Tech offer you, and what will you qualify for? Read on for more information. Scroll down to learn what amount of financial assistance will be accessible to you.
Eligibility for aid and scholarships is driven mostly by your household’s income and need. The figures below will help you estimate the aid you might receive from Michigan Technological University.
Through a mix of loans, grants, work-study and scholarships, schools bring down the effective cost so more students can attend. Some kinds of aid are clearly preferable to others, and outcomes differ across students.
Looking at the entering class at Michigan Technological University, 99% of new full-time first-years were awarded at least some aid around 1451 freshmen).
| Type of Aid | % of Freshmen Receiving | Average Amount |
|---|---|---|
| Grant or scholarship aid (all sources) | 99% | $19,898 |
| Institutional grants & scholarships | 98% | $14,782 |
| Federal Pell grants | 22% | $5,474 |
| State/local grants | 39% | $9,631 |
| Federal student loans | 48% | $5,032 |
Because grants and scholarships do not have to be repaid, they are the most sought-after type of financial aid. At Michigan Tech, some 91% of undergrads got grants or scholarships worth on average $16,876 (across approximately 5389 awardees).
| Award | % of Undergrads Receiving | Average Amount |
|---|---|---|
| Grant or scholarship aid (all sources) | 91% | $16,876 |
| Federal Pell grants | 20% | $5,500 |
| Federal student loans | 46% | $6,013 |
For on-campus title-IV students, average grant aid came to $19,970.
Since aid is largely need-based, the real cost of attendance falls steeply for lower-income families.
| Family Income | Average Net Price |
|---|---|
| $0 – $48,000 | $5,697 |
| $30,001 – $75,000 | $8,826 |
| Over $75,000 | $21,465 |
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 | $14,182 |
| Off-campus title-IV students | $15,729 |
For a personalized estimate based on your family’s financial situation, use Michigan Tech’s net price calculator: www.mtu.edu/admissions/financial/calculator/.
A typical borrower at Michigan Tech leaves with $20,500 in federal loans.
| Metric | Amount |
|---|---|
| Median federal debt (all student-aid borrowers) | $20,500 |
| Median federal debt (graduates only) | $24,990 |
| Typical 10-year monthly payment (graduates) | $264.94/mo |
Spreading the median graduate debt over a standard 10-year repayment schedule works out to roughly the monthly payment shown above.
The median alone does not show how widely outcomes vary across the student body. The figures below chart the debt distribution at Michigan Tech.
| Percentile | Cumulative Federal Debt |
|---|---|
| 10th percentile (lowest-debt students) | $5,279 |
| 25th percentile | $7,500 |
| 75th percentile | $30,100 |
| 90th percentile (highest-debt students) | $38,300 |
The figures below break down median federal debt by income tier, first-generation status, and dependency.
By Family Income
| Income tier | Median federal debt |
|---|---|
| Low income | $20,875 |
| Middle income | $20,093 |
| High income | $20,500 |
First-Generation Comparison
| Cohort | Median federal debt |
|---|---|
| First-generation students | $20,500 |
| Continuing-generation students | $20,000 |
Dependency-Status Comparison
| Cohort | Median federal debt |
|---|---|
| Dependent students | $20,186 |
| Independent students | $25,000 |
The Department of Education computes summary indicators that describe debt outcomes at a glance. Michigan Tech.
The Stafford loan program is the largest source of federal direct loans to undergraduates. These figures summarize annual Stafford program activity at Michigan Tech:
| Metric | Value |
|---|---|
| Stafford loan recipients | 14577 |
| Total Stafford loan amount | $247,456,686 |
The GI Bill and DoD Tuition Assistance are the main federal aid routes for veterans and service members.
Post-9/11 GI Bill recipients
| Metric | Value |
|---|---|
| GI Bill recipients | 70 |
| Total GI Bill amount | $1,119,493 |
| Average GI Bill amount per recipient | $15,993 |
DoD Tuition Assistance activity
| Metric | Value |
|---|---|
| DoD Tuition Assistance recipients | 20 |
| Total DoD amount | $59,125 |
| Average DoD amount per recipient | $2,956 |
References
More about our data sources and methodologies.