by our College Data Analytics TeamThe majority of students are not billed 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 United States Merchant Marine Academy can seem overpowering, but remember that the majority of students are given some form of financial assistance.
Just what financial assistance solutions will USMMA deliver, and just what are you going to be eligible for? Read on for answers. Keep reading to learn how much school funding will be available to you.
The amount of financial aid and scholarships you are eligible for will vary depending on your family’s income. Read on to get a sense of the financial assistance available at United States Merchant Marine Academy.
Aid such as grants, loans, work-study, and scholarships helps colleges decrease the real cost of attendance for most students. Keep in mind that certain forms of assistance are more beneficial than others, and aid amounts differ from student to student.
At United States Merchant Marine Academy, 20% of first-time, full-time freshmen received some form of financial aid some 49 students).
| Type of Aid | % of Freshmen Receiving | Average Amount |
|---|---|---|
| Grant or scholarship aid (all sources) | 10% | $5,067 |
| Institutional grants & scholarships | 0% | — |
| Federal Pell grants | 10% | $5,067 |
| State/local grants | 0% | — |
| Federal student loans | 11% | $4,577 |
The best aid is gift aid: grants and scholarships that carry no repayment obligation. Here, about 8% of undergraduates were awarded an average grant or scholarship of $5,717 (across approximately 74 students).
| Award | % of Undergrads Receiving | Average Amount |
|---|---|---|
| Grant or scholarship aid (all sources) | 8% | $5,717 |
| Federal Pell grants | 8% | $5,441 |
| Federal student loans | 6% | $4,705 |
On-campus students receiving title-IV aid were awarded grants averaging $2,994.
Because need-based aid scales with family income, what students actually pay differs sharply across income brackets.
| Family Income | Average Net Price |
|---|---|
| $0 – $48,000 | $3,902 |
| $30,001 – $75,000 | $7,200 |
| Over $75,000 | $9,451 |
The numbers above are post-aid net prices, so they already account for grants and scholarships.
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 | $6,174 |
| Off-campus title-IV students | $7,506 |
For a customized cost estimate, visit USMMA’s NPC: www.usmma.edu/admissions/financial-aid/cost-attendance.
A typical borrower at USMMA leaves with $6,500 in federal student debt.
| Metric | Amount |
|---|---|
| Median federal debt (all student-aid borrowers) | $6,500 |
| Median federal debt (graduates only) | $8,833 |
| Typical 10-year monthly payment (graduates) | $93.64/mo |
Under a standard ten-year plan, the median graduate’s monthly payment lands near the figure above.
A single median figure conceals how much debt outcomes differ student to student. These percentiles trace how cumulative federal debt is spread among borrowers at USMMA.
| Percentile | Cumulative Federal Debt |
|---|---|
| 25th percentile | $3,500 |
| 75th percentile | $14,600 |
Outcomes differ by income bracket, by first-generation status, and by whether a student is financially dependent.
By Family Income
| Income tier | Median federal debt |
|---|---|
| High income | $6,500 |
By First-Generation Status
| Cohort | Median federal debt |
|---|---|
| First-generation students | $6,500 |
| Continuing-generation students | $6,500 |
These indicators are derived from the underlying debt data and summarize the overall picture at USMMA.
Stafford loans make up the bulk of federal direct lending to undergraduates. These figures summarize annual Stafford program activity at USMMA:
| Metric | Value |
|---|---|
| Stafford loan recipients | 441 |
| Total Stafford loan amount | $3,414,347 |
GI Bill and DoD Tuition Assistance are the two federal aid programs targeted at military-affiliated students.
Post-9/11 GI Bill activity
| Metric | Value |
|---|---|
| GI Bill recipients | 7 |
| Total GI Bill amount | $28,946 |
| Average GI Bill amount per recipient | $4,135 |
References
More about our data sources and methodologies.