$5,108

Avg. Federal Grant

$5,399

Avg. Federal Loan

$63,173,159

Total Aid Awarded

Merrimack College Financial Aid and Scholarships

Students Receiving Aid Percent of Students Receiving Financial Aid.

93%

Total Aid Amount Average Total Aid Awarded per year.

$63.173M

Financial Aid Official Website

https://www.merrimack.edu/aid/

Among them are scholarship programs such as Carnegie Dartlet $10,000 Scholarship, Community Service Scholarship for Multicultural Students, Heriberto Flores Scholarship, and MASSGrant Program. Notably, almost all of the college students get some kind of financial aid every year, and the total amount of assistance/loans provided adds up to around $16,655,485. For additional information about financial assistance schemes, one can head over to MC’s financial aid page at https://www.merrimack.edu/aid/. At MC, the total percentage of applicants who receive the Federal Grant stands at 18%. In comparison, 99% of the students are awarded the Student Grant, 99% get the Institution Grant, and 18% of the applicants receive the Pell Grant. Furthermore, the average aid for the Federal Grant receivers is $4,979, and the same stands at $1,465 for State Grant awardees and $22,521 for Institution Grant recipients. On the other hand, the average aid received by the Pell Grant awardees is $4,608. Among other things, the annual family income of the applicant plays a major role in determining the total financial aid they are actually eligible to receive. Students whose family income per annum is less than $30,000 will receive a federal aid of $27,981 on average in a year. The average aid amount stands at $26,083 for an annual family income between $30,001 and $48,000. This amount comes to $24,059 for those who fall under the $48,001-$75,000 family income bracket. On the other hand, the average federal aid stands at $21,948 for those with an annual family income between $75,001 and $110,000, and at $17,460 for an income more than $110,000. Apart from financial grants and scholarships, candidates can also avail of monetary benefits like student loans to fund their education. But, they should understand that student loans are borrowed at a certain rate of interest, unlike grants and scholarships. While grants and scholarship schemes do not require repayment, student loans should be repaid by the applicants within a given period. Every year, around 76% of the applicants to Merrimack College opt for student loans.

Financial Aid Breakdown

Student Receiving Aid

Federal Grant Aid

22%

State Grant Aid

17%

Institution Grant Aid

100%

Pell Grant

22%

Average Aid Awarded

Federal Grant Aid

$5,108

State Grant Aid

$1,895

Institution Grant Aid

$20,111

Pell Grant

$4,648

Federal Aid based on Family Income

Family Income

Average Federal Aid Per Year

Under $30,000

$28,718

$30,001 - $48,000

$26,196

$48,001 - $75,000

$25,561

$75,001 - $110,000

$22,389

Over $110,000

$18,999

Student Loans for Merrimack College

Average Loan Amount Average Loan Amount received per year.

$12,433/Year

Students Taking Out Loans

79%

Loan Default Rate

3.7%

Minumum Credit ScoreApply in as little asVariable APRFixed APR
Discover Student LoansNot Available15 minutes or less2.954.74 View disclosures
Credible6202 minutes5.38%-16.99%14.43%-16.99%1 View disclosures
Sallie MaeNot Available15 minutes1.13% - 11.23%¹ (with autopay)3.50% - 12.60%¹ (with autopay) View disclosures

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