by our College Data Analytics TeamThe majority 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 Spoon River College can seem overpowering, but remember that the majority of students are given some form of financial assistance.
What financial aid options can SRC offer, and what will you qualify for? Keep reading for more information. Keep going to learn what amount of financial assistance will be accessible to you.
Your financial aid package, which may contain grants and scholarships, will be determined on your financial need. Use the information below to understand how much financial assistance you may get from Spoon River 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. Note that some aid is more valuable than the rest, and individual awards are far from uniform.
Among first-time, full-time freshmen at Spoon River College, 89% of entering full-time freshmen got some type of financial assistance roughly 80 new students).
| Type of Aid | % of Freshmen Receiving | Average Amount |
|---|---|---|
| Grant or scholarship aid (all sources) | 84% | $7,850 |
| Institutional grants & scholarships | 43% | $2,353 |
| Federal Pell grants | 57% | $6,103 |
| State/local grants | 54% | $3,581 |
| Federal student loans | 14% | $4,630 |
The best aid is gift aid: grants and scholarships that carry no repayment obligation. At SRC, about 56% of the undergraduate population received grant aid that averaged $5,462 (across roughly 690 recipients).
| Award | % of Undergrads Receiving | Average Amount |
|---|---|---|
| Grant or scholarship aid (all sources) | 56% | $5,462 |
| Federal Pell grants | 27% | $5,220 |
| Federal student loans | 7% | $4,761 |
Among title-IV aid recipients living on campus, grant and scholarship aid averaged $8,802.
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 | $5,317 |
| $30,001 – $75,000 | $7,336 |
| Over $75,000 | $11,871 |
Each figure is the net price after grants and scholarships, not the published sticker price.
After grants and scholarships come off the published price, what remains is the net price — the best estimate of true out-of-pocket cost.
| Cohort | Average Net Price |
|---|---|
| On-campus title-IV students | $3,415 |
| Off-campus title-IV students | $6,584 |
For a personalized estimate based on your family’s financial situation, use SRC’s online cost calculator: www.src.edu/services/financial-aid/Pages/NetPriceCalculator/npcalc.htm.
The median federal debt load at SRC comes to $6,750 of federal borrowing.
| Metric | Amount |
|---|---|
| Median federal debt (all student-aid borrowers) | $6,750 |
The numbers below show the full range, not just the middle of the distribution. The percentiles below describe the cumulative federal debt distribution for borrowers at SRC.
| Percentile | Cumulative Federal Debt |
|---|---|
| 10th percentile (lowest-debt students) | $1,750 |
| 25th percentile | $2,750 |
| 75th percentile | $9,500 |
| 90th percentile (highest-debt students) | $16,000 |
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 | $7,000 |
| Middle income | $6,250 |
| High income | $5,500 |
First-Generation Comparison
| Cohort | Median federal debt |
|---|---|
| First-generation students | $6,993 |
| Continuing-generation students | $5,500 |
Dependency-Status Comparison
| Cohort | Median federal debt |
|---|---|
| Dependent students | $5,500 |
| Independent students | $8,136 |
The figure below distills the debt data into a single burden category for SRC.
The Stafford loan program is the largest source of federal direct loans to undergraduates. The aggregate figures below show how active the program is at SRC:
| Metric | Value |
|---|---|
| Stafford loan recipients | 2904 |
| Total Stafford loan amount | $19,322,115 |
GI Bill and DoD Tuition Assistance are the two federal aid programs targeted at military-affiliated students.
GI Bill volume
| Metric | Value |
|---|---|
| GI Bill recipients | 10 |
| Total GI Bill amount | $40,027 |
| Average GI Bill amount per recipient | $4,003 |
Active-duty Tuition Assistance recipients
| Metric | Value |
|---|---|
| DoD Tuition Assistance recipients | 0 |
| Total DoD amount | $0 |
References
More about our data sources and methodologies.