by our College Data Analytics TeamA lot 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 Mineral Area College can sound overwhelming, but bear in mind that many students get some type of financial aid.
Just what financing solutions does MAC provide, and just what are you going to be eligible for? Keep scrolling for answers. Read on to see what amount of financial assistance could be accessible to you.
The amount of financial aid you can receive varies from person to person and will depend on your family’s economic situation. Use the information below to understand how much financial assistance you may get from Mineral Area 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. However, some types of aid are more desirable than others, and some students will receive more than others.
For incoming first-year students at Mineral Area College, 93% of first-year full-time students received aid of some kind (about 522 freshmen).
| Type of Aid | % of Freshmen Receiving | Average Amount |
|---|---|---|
| Grant or scholarship aid (all sources) | 89% | $6,761 |
| Institutional grants & scholarships | 20% | $6,081 |
| Federal Pell grants | 49% | $5,435 |
| State/local grants | 62% | $3,409 |
| Federal student loans | 13% | $5,060 |
Grants and scholarships are the most valuable form of aid because, unlike loans, they never have to be repaid. At MAC, approximately 72% of undergraduates were awarded grant or scholarship aid averaging $4,741 (across approximately 1716 undergraduates).
| Award | % of Undergrads Receiving | Average Amount |
|---|---|---|
| Grant or scholarship aid (all sources) | 72% | $4,741 |
| Federal Pell grants | 32% | $4,935 |
| Federal student loans | 10% | $6,132 |
Among title-IV aid recipients living on campus, grant and scholarship aid averaged $6,452.
How much a family pays depends heavily on income, because most aid is awarded on the basis of financial need.
| Family Income | Average Net Price |
|---|---|
| $0 – $48,000 | $10,627 |
| $30,001 – $75,000 | $11,050 |
| Over $75,000 | $13,342 |
Remember these are net prices — what families pay after gift aid, not before.
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 | $12,045 |
| Off-campus title-IV students | $11,123 |
For an estimate tailored to your family circumstances, see MAC’s official net price calculator: my.mineralarea.edu/ICS/Admissions/Public.jnz?portlet=Net_Price_Calculator_2015-02-13T09-18-07-273.
Graduating students at MAC carry a median federal student debt of $7,815 of federal student loans.
| Metric | Amount |
|---|---|
| Median federal debt (all student-aid borrowers) | $7,815 |
| Median federal debt (graduates only) | $10,500 |
| Typical 10-year monthly payment (graduates) | $111.32/mo |
Under a standard ten-year plan, the median graduate’s monthly payment lands near the figure above.
The median alone does not show how widely outcomes vary across the student body. The figures below chart the debt distribution at MAC.
| Percentile | Cumulative Federal Debt |
|---|---|
| 10th percentile (lowest-debt students) | $1,960 |
| 25th percentile | $3,410 |
| 75th percentile | $13,712 |
| 90th percentile (highest-debt students) | $22,750 |
Median debt varies by family income, by first-generation status, and by dependency status.
Debt by Income Tier
| Income tier | Median federal debt |
|---|---|
| Low income | $9,668 |
| Middle income | $7,000 |
| High income | $5,500 |
First-Generation Comparison
| Cohort | Median federal debt |
|---|---|
| First-generation students | $8,000 |
| Continuing-generation students | $6,400 |
Dependent vs Independent Students
| Cohort | Median federal debt |
|---|---|
| Dependent students | $5,500 |
| Independent students | $12,417 |
Federal data publishes pre-calculated indicators that summarize debt outcomes. MAC.
Most undergraduate borrowing runs through the federal Stafford loan program. The aggregate figures below show how active the program is at MAC:
| Metric | Value |
|---|---|
| Stafford loan recipients | 6691 |
| Total Stafford loan amount | $81,904,382 |
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 | 18 |
| Total GI Bill amount | $79,623 |
| Average GI Bill amount per recipient | $4,424 |
DoD program volume
| Metric | Value |
|---|---|
| DoD Tuition Assistance recipients | 4 |
| Total DoD amount | $5,275 |
| Average DoD amount per recipient | $1,319 |
References
More about our data sources and methodologies.