by our College Data Analytics TeamFinancial 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.
Curious about the financial aid opportunities at Paul Smith’s College and what you may be eligible for? Explore the answers here.
$23,252.00 is the typical Paul Smiths College of Arts and Science’s first year financial aid package. A significant 99% of freshmen benefit from financial aid, with the main type being grants and scholarships.
Financial aid helps decrease the expense, or the “sticker” price of the school. But keep in mind that the only real discounts off the cost of college are in the form of grants and scholarships.
Student debt should be thought of as an “outcome” rather than “aid”. Read more about student loan debt at Paul Smiths College of Arts and Science.
Financial awards given by a college or university to its students, known as institutional scholarships and grants, help to offset the cost of tuition and other education-related expenses. These awards fall into two categories: merit-based and need-based, and they do not need to be paid back. Merit-based institutional scholarships are granted to students who have shown outstanding academic accomplishments, special talents, or abilities in a particular field. Factors such as high school performance, standardized test results, or involvement in extracurricular activities often contribute to these scholarship decisions. Conversely, need-based institutional grants cater to students who demonstrate financial need. The awarded amount is typically based on the student’s family’s financial standing and is intended to cover the difference between the cost of attendance and the family’s ability to contribute. Colleges and universities might use data from the Free Application for Federal Student Aid (FAFSA) or other financial aid forms to determine a student’s eligibility for need-based grants. Institutional scholarships and grants are a vital source of financial support for students, as they can significantly reduce the cost of attending college and help make higher education more accessible.
The next numbers refer to grants and scholarships mainly supplied by the college itself.
98% of new students (182 total) were given scholarships at Paul Smiths College of Arts and Science, averaging $18,523.00 per student. This puts it the top 25th percentile among colleges and universities nationwide.
As well as scholarships, 62% of freshmen (115 total) received a federal grant, for about $4,449.00 a person.
The table below demonstrates scholarship and grant allocations by income level for freshmen receiving any type of federal Title IV assistance, which includes Federal PLUS loans.
| Income Level | Percent of Freshman | Average Assistance |
|---|---|---|
| Income 0-30k | 19.46% | $28,790.00 |
| Income 30k-48k | 21.08% | $26,700.00 |
| Income 48k-75k | 14.59% | $26,223.00 |
| Income 75k-110k | 11.89% | $21,007.00 |
| Income 110k + | 16.76% | $17,660.00 |
The table above shows students who are obtaining Title IV aid, which is federal assistance from the government in the form of grants, loans, and work-study. Learn more here.
184 Paul Smith’s College undergrads obtain grant aid (this is about 99% of the entire undergraduate student population). The average amount these students receive is $23,252.00.
Check out the Tuition and Fees page or the Cost Per Credit Hour page to find out more.
References
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