$4,906

Avg. Federal Grant

$4,474

Avg. Federal Loan

$8,486,860

Total Aid Awarded

Mineral Area College Financial Aid and Scholarships

Students Receiving Aid Percent of Students Receiving Financial Aid.

59%

Total Aid Amount Average Total Aid Awarded per year.

$8.487M

Financial Aid Official Website

www.mineralarea.edu/students/admissionInformation/financialAssistance/

As many as 98% of the students at MAC get some sort of financial aid, and the total amount of assistance/loans provided is more than $2,413,864 in a year. For additional information about financial assistance schemes, one can head over to MAC’s financial aid page at http://www.mineralarea.edu/students/admissionInformation/financialAssistance/. At MAC, the total percentage of applicants who receive the Federal Grant stands at 58%. In comparison, 93% of the students are awarded the Student Grant, 19% get the Institution Grant, and 58% of the applicants receive the Pell Grant. Furthermore, the average aid for the Federal Grant receivers is $4,857, and the same stands at $2,174 for State Grant awardees and $4,897 for Institution Grant recipients. On the other hand, the average aid received by the Pell Grant awardees is $4,292. The annual family income of a candidate is one of the key factors in determining their total eligibility for financial aid. Alternatively, the candidates can also avail of monetary benefits like student loans, apart from financial grants and scholarship schemes to pay for their studies. But, they should understand that student loans are borrowed at a certain rate of interest, unlike grants and scholarships. Moreover, the funds received through these loans will have to be repaid within a given timeframe. At MAC, an estimated number of 17% of the applicants choose to go for student loans.

Financial Aid Breakdown

Student Receiving Aid

Federal Grant Aid

57%

State Grant Aid

62%

Institution Grant Aid

18%

Pell Grant

57%

Average Aid Awarded

Federal Grant Aid

$4,906

State Grant Aid

$2,115

Institution Grant Aid

$4,951

Pell Grant

$4,889

Federal Aid based on Family Income

Family Income

Average Federal Aid Per Year

Under $30,000

$6,129

$30,001 - $48,000

$5,585

$48,001 - $75,000

$4,019

$75,001 - $110,000

$2,969

Over $110,000

$3,740

Student Loans for Mineral Area College

Average Loan Amount Average Loan Amount received per year.

$4,474/Year

Students Taking Out Loans

21%

Loan Default Rate

21.8%

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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