by our College Data Analytics TeamA lot of students will never be charged the advertised price of a school. Instead, they will be provided a financial aid package that will include a combination of scholarships, grants, loans, and work-study. The total cost of going to New Jersey Institute of Technology can seem overwhelming, but bear in mind that many students are given some form of financial aid.
What financing options does NJIT offer, and what will you qualify for? Keep scrolling for more information. Keep reading to discover how much school funding could be available to you.
Eligibility for aid and scholarships is driven mostly by your household’s income and need. Continue reading to find information to help you understand just how much assistance you can expect to receive from New Jersey Institute of Technology.
Colleges use loans, grants, scholarships and work-study to minimize what students actually pay out of pocket. Note that some aid is more valuable than the rest, and individual awards are far from uniform.
For incoming first-year students at New Jersey Institute of Technology, 95% of the incoming full-time class was awarded financial aid some 1550 new students).
| Type of Aid | % of Freshmen Receiving | Average Amount |
|---|---|---|
| Grant or scholarship aid (all sources) | 91% | $18,084 |
| Institutional grants & scholarships | 73% | $12,252 |
| Federal Pell grants | 44% | $6,393 |
| State/local grants | 42% | $10,823 |
| Federal student loans | 31% | $5,122 |
Gift aid — grants and scholarships — beats loans every time because none of it has to be repaid. At NJIT, some 70% of undergraduates were awarded grant or scholarship aid averaging $16,845 (covering around 6706 undergraduates).
| Award | % of Undergrads Receiving | Average Amount |
|---|---|---|
| Grant or scholarship aid (all sources) | 70% | $16,845 |
| Federal Pell grants | 40% | $5,917 |
| Federal student loans | 31% | $6,679 |
On-campus students receiving title-IV aid were awarded grants averaging $16,355.
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 | $11,968 |
| $30,001 – $75,000 | $14,234 |
| Over $75,000 | $25,583 |
The numbers above are post-aid net prices, so they already account for grants and scholarships.
The net price represents the average annual cost a title-IV-receiving student pays after grant aid is subtracted from the full cost of attendance.
| Cohort | Average Net Price |
|---|---|
| On-campus title-IV students | $16,504 |
| Off-campus title-IV students | $16,496 |
For a personalized estimate based on your family’s financial situation, use NJIT’s net price tool: njit.studentaidcalculator.com/survey.aspx.
The median student at NJIT graduates with $17,500 of cumulative federal debt.
| Metric | Amount |
|---|---|
| Median federal debt (all student-aid borrowers) | $17,500 |
| Median federal debt (graduates only) | $21,000 |
| Typical 10-year monthly payment (graduates) | $222.63/mo |
Spreading the median graduate debt over a standard 10-year repayment schedule works out to roughly the monthly payment shown above.
Looking only at the median can be misleading because it hides the spread. The figures below chart the debt distribution at NJIT.
| Percentile | Cumulative Federal Debt |
|---|---|
| 10th percentile (lowest-debt students) | $4,250 |
| 25th percentile | $7,812 |
| 75th percentile | $28,900 |
| 90th percentile (highest-debt students) | $35,820 |
How much a student borrows depends heavily on family income, first-gen status, and dependency.
Median Debt by Income Bracket
| Income tier | Median federal debt |
|---|---|
| Low income | $17,868 |
| Middle income | $16,750 |
| High income | $16,626 |
First-Generation Comparison
| Cohort | Median federal debt |
|---|---|
| First-generation students | $17,873 |
| Continuing-generation students | $16,125 |
By Dependency Status
| Cohort | Median federal debt |
|---|---|
| Dependent students | $15,750 |
| Independent students | $23,000 |
The Department of Education computes summary indicators that describe debt outcomes at a glance. NJIT.
Stafford loans make up the bulk of federal direct lending to undergraduates. Below is the annual Stafford program activity at NJIT:
| Metric | Value |
|---|---|
| Stafford loan recipients | 19319 |
| Total Stafford loan amount | $401,484,005 |
Military-affiliated students can tap the Post-9/11 GI Bill and DoD Tuition Assistance.
GI Bill volume
| Metric | Value |
|---|---|
| GI Bill recipients | 173 |
| Total GI Bill amount | $1,156,511 |
| Average GI Bill amount per recipient | $6,685 |
DoD Tuition Assistance activity
| Metric | Value |
|---|---|
| DoD Tuition Assistance recipients | 13 |
| Total DoD amount | $20,386 |
| Average DoD amount per recipient | $1,568 |
References
More about our data sources and methodologies.