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Ferrum College Scholarships & Financial Aid
Ferrum College Financial Aid Overview
Cost of Attendance
Average net price
Average student loan debt
Ferrum College Cost
Cost of Attendance:
Books & Supplies
Room & Board
Total Sticker Price
The sticker price at Ferrum College is $52,945.00. This sticker price includes costs for tuition, books and supplies, room and board, and other miscellaneous expenses.
It’s also important to note that the cost of tuition can vary from year to year and you can expect the cost of tuition to rise over your four years in college. With that said, your financial aid will also be recalculated each year which will take into account any tuition increases.
Ferrum College Net Price
The sticker cost of Ferrum College is not actually what students will pay. Depending on factors such as student and parent finances, the actual cost can be lower. This price that takes financial aid into account is also known as a “net price.”
Net Price Paid
$0 - $30,000 family income
$30,001 - $48,000 family income
$48,001 - $75,000 family income
$48,001 - $75,000 family income
$110,000+ family income
If you use the Net Price Calculator, you should know that it only provides an estimate of financial aid. To actually apply for financial aid, you’ll need to submit the FAFSA and any other required financial aid forms to receive their official financial aid award letter. Also, the NPC does not include any outside scholarships that you might earn.
Ultimately, students can treat the Net Price Calculator as a useful gauge to understand what a potential financial aid package could look like.
Ferrum College Financial Aid
The FAFSA code for Ferrum College is 003711.
If you are looking for more information on how to complete the FAFSA, check out our How to Complete the FAFSA Guide.
Pell Grants at Ferrum College
54% of students at Ferrum College receive Pell Grants, which are awarded to undergraduate students with demonstrated financial need (students who have a bachelor’s or professional degree are not eligible). Pell Grants are awarded by the federal government and do not need to be repaid. To apply for a Pell Grant, students will need to submit their FAFSA. If you are awarded a Pell Grant, you’ll see it listed in your financial aid award letter if you are accepted to Ferrum College.
You can learn more about Pell Grant eligibility here.
Ferrum College Student Debt
Student Loan Stats:
Average student loan debt payment per month
Average student loan debt
Student loan default rate
In addition to scholarships and financial aid, student loans are another way that students can pay for college. However, unlike other types of aid, student loans need to be repaid. This is why it’s so important to know how much student loan debt you are taking out.
82% percent of Ferrum College students take out federal student loans. The average student at Ferrum College takes out in student loan debt, which winds up being a $269.91 payment per month. The important thing to remember about these numbers is that they only include federal student loans and not private student loans.
Parent PLUS loans are another type of student loan that families may use to pay for college. While Parent PLUS Loans are offered by the federal government, they are not included in the above federal student loan metrics because they are not technically taken out by students. The median amount of Parent PLUS loan debt at Ferrum College is $38,789.00. Between 40% and 45% percent of parents of Ferrum College students will take out these Parent PLUS Loans.
If you want to learn more about Parent PLUS Loans, you can check out the pros and cons of borrowing them.
Is Ferrum College Worth it?
College is an investment, which is why it is important to assess the return on your education. To understand your return on investment or ROI, you will need to first understand what that investment will look like financially.
By completing the net price calculator, you will have a good sense of how much Ferrum College will cost you. This will also give you a sense of how much debt you can expect to graduate with.
Once you have a sense of your investment, you can think about your “return” or what you will get out of an education at Ferrum College. In other words, what types of outcomes can you expect?
The important factors to consider when thinking about outcomes are the graduation rate of the institution, as well as your expected earnings.
Here’s how Ferrum College stacks up:
- 6-year graduation rate: 72.5
- Median earnings (10 years after graduation): $40,224.00
Note that the average earnings will vary by both major and intended career, so this is not a perfect metric, but should serve as a good starting point.
Ferrum College Financial Aid Resources
If you are looking for more information about financial aid and scholarships at Ferrum College or have questions that are specific to your personal situation, we recommend that you reach out directly to the financial aid office!
Here’s how you can get in touch:
- Website: Ferrum College Office of Financial Aid
- Email: [email protected]
- Phone: 540-365-4282
We strive to provide users with the most up-to-date information and source data from publicly available sources, including the College Scorecard and directly from the colleges. If you see an error, feel free to contact us at [email protected].