Navigating Ithaca College Scholarships and Financial Aid: A Comprehensive Guide

Planning for college expenses is an important part of the application process. Ithaca College welcomes and empowers bold thinkers and difference-makers, and is dedicated to providing a simplified and transparent financial aid process-including a four-year financial forecast so you can plan ahead. By learning more about expenses and aid, you’re already on the right path to managing college costs.

Understanding the Cost of Attendance

Knowing what a school costs is Step #1 in managing college costs. The "Cost of Attendance" is the total amount of money the average student has to pay, WITHOUT any financial aid, to attend a particular school. Think of it as a school’s sticker price. Ithaca College's tuition is $56,094. As you’re comparing costs of different institutions, also consider the total cost and the net price. The total cost is the sticker price, plus the cost of food and housing, books and supplies, and transportation and personal expenses. At Ithaca College, the total cost is $70,562.

Compared with the national average cost of tuition of $46,950, Ithaca College is more expensive.These figures include both tuition and fees, also referred to as the sticker price. Fees differ by institution and may fund library services, student gym facilities, student centers, technology resources and campus health centers.

Decoding Financial Aid: Grants, Scholarships, and Loans

We’re focusing on grants and scholarships first because they’re the most important forms of financial aid. Grants and scholarships are better than loans because students don’t ever have to pay them back. Scholarships are a type of funding that you don’t need to pay back.

Need-Based vs. Merit-Based Aid

Need-based scholarships take a student’s financial status into account. Merit-based scholarships are awarded to students for academic or athletic achievement. You might also qualify for a scholarship based on your community service involvement, unique hobbies or traits, your personal background, or a parent’s employer or military affiliation.

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Ithaca College Need-Based Scholarships and Grants

Ithaca College need-based scholarships and grants are available only to physical therapy and occupational therapy students. All recipients must demonstrate financial need, which is determined by using information from the Department of Education via the Free Application for Federal Student Aid (FAFSA). Other criteria, such as academic performance or promise, special talents, or other characteristics that Ithaca College deems of value, are considered for the Ithaca College scholarship program only.

The average need-based scholarship or grant awarded to first-year students at Ithaca College was $26,668. Additionally, 71% of first-year students received need-based financial aid in fall 2023. The institution met 89% of its students’ financial aid need.

Ithaca College Merit-Based Scholarships

Merit-based aid, also called non-need-based aid, is awarded for a specific talent or academic achievement. The average non-need-based scholarship or grant awarded to first-year students at Ithaca College - excluding any athletic scholarships, if applicable - was $29,280.

Ithaca College offers various merit-based scholarships, including:

Ithaca College Scholarship: This scholarship is given to select entering undergraduate students of exceptional academic ability and/or talent, regardless of their financial need. All incoming students automatically are considered for these scholarships; no special application is necessary. Ithaca College Scholarship amounts vary depending upon the date attendance began. All the awards may be renewed annually for the duration of the student's undergraduate study as long as the student maintains full-time enrollment and satisfactory progress toward a degree.
Presidential Scholarship: The Presidential Scholarship is an annual full-tuition-and-fees scholarship that is awarded to select first-year Ithaca College students through an additional application process. Scholarship recipients should embody the values of Ithaca College: Academic Excellence, Respect & Accountability, Innovation, Sustainability, and Equity. You can apply online after you have applied to Ithaca College. The Presidential Scholarship application is due by November 1. The scholarship may be renewed annually for up to 4 years/8 semesters as long as the student maintains full-time enrollment and satisfactory progress toward a degree. Note: The Presidential Scholarship cannot be combined with a scholar program and replaces any previously awarded Ithaca College Scholarship. citizens/Eligible FAFSA filers must submit the FAFSA to receive the scholarship.
Leadership Scholarship: Undergraduate students living in on-campus housing on the Ithaca campus will be awarded $2,000 for the academic year. The scholarship is renewable each year that the student is living on campus. Recipients must possess a demonstrated record of leadership and above-average academic performance. A separate application is required. This award is renewable contingent upon continued demonstration of leadership and a cumulative GPA of 2.75 at the end of each semester. Full-time enrollment is required. Apply online after you have applied to Ithaca College.
Martin Luther King Jr. (MLK) Award: First-year undergraduate students who are academically talented, have community service involvement and who embody the ideals of Martin Luther King Jr. may be considered for an MLK award. A separate application is required. This award is renewable contingent upon continued participation in the program and a cumulative GPA of 3.0 at the end of each semester. Full-time enrollment is required. Apply online after you have applied to Ithaca College.
Park Scholar Program: These awards, made possible by the generosity of the Park Foundation, are intended to recognize and reward outstanding students in the Roy H. Park School of Communications who, regardless of financial need, demonstrate significant academic and creative achievement in communications, involvement in relevant co-curricular activities, and community service on and beyond campus. Scholars receive this award throughout their Ithaca College career by maintaining a predetermined standard of performance. Apply online after you have applied to Ithaca College.
Innovation Scholar Award: The Innovation Scholar Award is an annual scholarship awarded to students selected to explore and engage with the themes of the Innovation Scholar Program. This award is automatically renewed each semester, provided the following requirements continue to be met: enrollment in one of the undergraduate degree programs offered by Ithaca College's School of Humanities and Sciences; full-time enrollment (a minimum of 12 credits per semester); a 3.0 or higher cumulative grade point average; participation in Innovation Scholar academic programming and enrichment activities; and good judicial standing. Apply online after you have applied to Ithaca College.
Talent Awards: These awards are for selected new students who are majoring in music and theater-programs where artistic, technological, managerial, or theatrical talent is a criterion for an offer of admission to the major.
Phi Theta Kappa Transfer Scholarships: An unlimited number of renewable $2,000 per year Phi Theta Kappa Transfer Scholarships are available. Eligible students are automatically considered during the admission application review process; no additional scholarship application is required.
New York State Residents Scholarship: This $2,500 scholarship is available to incoming students who are residents of New York State.
Good Neighbor Scholarship: Expanding our commitment beyond state borders, the $2,500 Good Neighbor Scholarship is offered to students residing in Pennsylvania, New Jersey, Massachusetts, and Connecticut.

Student Loans: Federal and Private Options

Aside from grants, the other major way to pay for college is with student loans. The more student loan money you borrow, the more debt you’ll end up with after graduation. Ideally, you want to minimize your student debt as much as possible. It’s generally a bad sign if a school has many students taking out a lot of loans.

Read also: Location of Ithaca College

Federal Direct Loans

The federal Direct loan program is an entitlement program in which all eligible applicants can obtain a loan. First-time borrowers are required to accept an offer of a Direct unsubsidized loan via HomerConnect. In addition, new borrowers are required to complete a Master Promissory Note (MPN), which is valid for 10 years. Repeat borrowers who have used the Master Promissory Note need not complete another promissory note. There is a loan origination fee that will be deducted from the amount borrowed prior to disbursement. At Ithaca College funds may not be disbursed until after the drop/add period has passed. The student must continue to maintain satisfactory academic progress.

The interest rate is a fixed rate of 8.083% for Graduate Direct Unsubsidized Loans that are first disbursed on or after July 1, 2024, and before July 1, 2025. Various deferments allowing postponement of repayment are available depending on when the student received the first loan. Upon ceasing to be at least a half-time student, the borrower must make formal arrangements with their loan servicer to begin repayment.

At Ithaca College, 71% of all students take out federal loans. At Ithaca College, the average annual federal loan amount is $5876. At Ithaca College, the median federal loan debt among borrowers who completed their undergraduate degree is $24,000. The median monthly federal loan payment (if it were repaid over 10 years at 5.05% interest) for student federal loan borrowers who graduated is $254.

Graduate PLUS Loans

A credit check is required. Borrowers will receive an instant credit decision from the US Department of Education; Ithaca College will be notified of the completed request within 72 hours. Credit approved PLUS loans will be added to student’s financial aid as applicable. The student is also required to complete a Master Promissory Note. A borrower must be a graduate student. Student eligibility criteria are comparable to those for federal direct student loans, and the student must complete a Free Application for Federal Student Aid (FAFSA). The student must continue to maintain satisfactory academic progress. A credit check is required. Loan funds are disbursed electronically to the student's billing account.

The interest rate is a fixed rate of 9.083% for Graduate PLUS loans that are first disbursed on or after July 1, 2024, and before July 1, 2025.

Read also: Navigating Ithaca College

Private Loans

Additionally, 21% of graduating students at Ithaca College took out private loans. Students with private loans had an average of $59,918 in private loan debt at graduation.

Federal Work-Study Program

Federal Work-Study provides part-time jobs for undergraduate and graduate students with financial need. The program encourages community service work and work related to your field of study. To receive funds, you will need to be awarded work-study and secure a job. The College arranges jobs, on or off campus, with either public or not-for-profit agencies. Students are encouraged to seek positions in community service areas. The level of salary for FWS positions must be at least the minimum wage.

Financial Aid for Veterans and Their Families

Many programs of educational assistance benefits are available to those who have served on active duty in the military and to their families. Detailed information on all veterans’ benefits can be obtained from regional and local Veterans Administration offices or from VA headquarters by telephone at 1-888-442-4551. Veterans, reservists, and dependents are separated into different categories or “chapters” that define eligibility requirements and determine benefits. Read more about the various chapters to determine which one may apply to you. Forms, information, and assistance in applying for benefits are available at all VA offices.

Montgomery GI Bill Active Duty (MGIB-AD): The Montgomery GI Bill Active Duty (MGIB-AD) can help you pay for education and training programs. If you’ve served at least 2 years on active duty, find out if you qualify for the MGIB-AD program.
Post-9/11 GI Bill (Chapter 33): The Post-9/11 GI Bill (Chapter 33) helps you pay for school or job training. If you’ve served on active duty after September 10, 2001, you may qualify for the Post-9/11 GI Bill (Chapter 33). Ithaca College is a participant in the Yellow Ribbon Program, which is a provision of the Post-9/11 GI Bill. The Yellow Ribbon Program can help you pay for higher out-of-state private school, foreign school, or graduate school tuition and fees that the Post-9/11 GI Bill doesn’t cover. If you qualify, your school will contribute a certain amount toward your extra tuition and fees through a grant, scholarship, or similar program.
Montgomery GI Bill Selected Reserve (MGIB-SR): The Montgomery GI Bill Selected Reserve (MGIB-SR) program offers up to 36 months of education and training benefits. If you’re a member of the Army, Navy, Air Force, Marine Corps or Coast Guard Reserve, Army National Guard, or Air National Guard, you may be eligible for this benefit.

Ithaca College is G.I. Bill certified and participates in the Yellow Ribbon Program.

Understanding Unearned Aid and Withdrawal Policies

Students attending Ithaca College who are receiving federal Title IV financial aid (e.g., Federal Direct loans) are required to return the portion of unearned aid if they withdraw, do not register, or otherwise fail to complete the period of enrollment for which the Title IV aid was provided. The return of funds does not apply to any student whose date of withdrawal is beyond the 60 percent enrollment period for which the student has been charged. Federal financial aid is returned to the program from which it was disbursed based on the percentage of unearned aid. To determine the percentage of unearned aid, subtract the percentage of aid earned from 100.

Please note that the above refund policy applies to students who are not federal aid recipients. It also applies to the return of institutional aid. In the case of any student for whom it is determined that a return must be made to programs based on prorated charges, those funds will be returned in the following order: unsubsidized Federal Direct Loan, Federal Direct PLUS, Federal Pell Grant, FSEOG funds, and other Title IV aid programs. The grace period for federal loans begins from the student's last date of attendance as determined by the College. A student who is on an approved leave of absence will be considered to be in school for purposes of repayment of federal loans.

Net Price and Expected Family Contribution (EFC)

Above, we've covered Ithaca College's Cost of Attendance (tuition, room and board, books, and more). The Net Price is the total cost minus the total aid given. In other words, this is the price you have to pay to the school out of pocket.

The US government has come up with a standardized way to calculate how much a typical family can afford to pay without help, which is called Expected Family Contribution (EFC). Colleges use this number as a guideline to decide how much aid to give you, but it's just a guideline.

Maximizing Your Financial Aid Opportunities

Students should seek out and apply for financial assistance from all potential grant, loan, and private scholarship sources. Both New York State and the federal government offer educational grants to Native Americans.

Donor-Funded Scholarships

Scholarships are critical for recruiting and retaining the best and the brightest at Ithaca College. Donor funded scholarships are awarded to students of exceptional academic ability and talent and provide support to students with financial need. There are many different types of scholarships at Ithaca College and our team can work with you to decide which is the best way for you to leave a lasting legacy:

Endowed Recruitment Scholarships for Incoming Students: These scholarships provide access to incoming students and will remain with a student during their time as undergraduate students as long as they continue to meet the criteria. These are most beneficial when they are not specific to a school but can be used across the college as most needed.
Endowed Scholarships for Returning Students: These scholarships provide support for returning sophomore, junior, and senior students. These can be specific to a school, or college-wide.
Endowed Emergency Scholarships for Incoming Students: These scholarships provide support to first year students who discover they are facing tuition challenges. Student Financial Services will use these scholarships for students after they have enrolled and begun their first academic term and continue as long as the student meets the criteria.
Current Scholarships for Returning Students (term use, over five years): These scholarships provide support for returning sophomore, junior, and senior students. These can be specific to a school, or college-wide.

Managing Student Loan Debt

How much student loan debt you accumulate can affect your financial life long after college ends. Ideally, your total student loan debt should fall below your anticipated starting salary once you graduate.

Average Total Indebtedness of 2024 Graduating Class is $41,143. 66% of Graduating students who have borrowed any loan type in 2024.

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