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Financial Aid Summary Information

Amounts of Federal Grants and Loans

Liberty students receive amounts like students at other universities. Many students at Liberty receive federal aid to help pay for their education.  Due to Liberty’s high enrollment, the number of students receiving this aid (and the total dollars received) looks large.  However, these numbers simply reflect the number of students who have chosen to attend Liberty.  Similarly, other large schools also receive Federal Pell Grant dollars for many students.  Liberty is pleased to be included among this diverse group of colleges and universities from all sectors of higher education. (ED “Distribution of Federal Pell Grant Program Funds by Institution,” A. Hales, Office of Postsecondary Education, Policy Initiatives)

Federal Grants Received Compared to Other Schools

Looking at published data for Federal Pell Grants in 2020-2021 for example, you will notice that Liberty students are similar to other students around our nation with regard to Federal Pell Grants:

Liberty percentage of students receiving Federal Pell Grants   43%
National percentage of students receiving Federal Pell Grants*   53%

*Please note that the national average is based on students who specifically applied for Federal financial aid by completing the FAFSA

In fact, the Federal Pell Grant is portable for the student.  This means that, if the student did not choose to attend Liberty, then they could take that same Federal Pell Grant and use it at any other eligible school.

Liberty student average annual Federal Pell Grant amount   $4,138
National student average annual Federal Pell Grant amount   $4,254

(Source: ED 2021 Pell Grant Program End of Year Report, and LU Percent of Pell Eligible Students Report)

Borrowing Compared to Students from Other Schools

During the 2020-2021 academic year, undergraduate student-borrowers who graduated from Liberty University borrowed an average of $17,964 through federal and private loan programs. This average includes students who graduated without borrowing any student loans. This does not include Federal Parent PLUS loans borrowed by a parent on behalf of a dependent student.

During the 2020-2021 academic year, undergraduate student-borrowers from Liberty University borrowed an average of $27,941.

Please note that the averages listed above are based on actual data from Liberty University students who graduated in the 2020-2021 academic year.  Some private and government websites will calculate averages using other methods, different student groups, and/or different years.

(Averages above are provided from the LU Annual Borrower Report)

Additionally, Liberty University’s student loan default rate remains below the national average.  The current default rates, by school type, are:

School Type Default Rate
For-Profit Average 3.1
National Average 2.3
Public Average 2.3
Liberty University 2.0
Private Average 1.7

(Source: U.S. Department of Education, 3-Year, 2019 Federal Cohort Default Rate, 03-Oct. 2022)

Liberty University College of Medicine Average Indebtedness

Academic Year Average Federal and Private Student Loan Debt at Graduation*
2021-2022
$265,582
2020-2021 $249,834
2019-2020
$235,357
2018-2019
$252,726
2017-2018 $253,414
2016-2017 Not Applicable

 

*Includes only students who borrowed student loans, not all students.

Assistance for Borrowing Less

Liberty University has a number of active initiatives.  In addition to required procedures, like student loan entrance counseling and notifications required to the student from the school and the lender, Liberty strives to educate students and discourage over-borrowing through the following:

  • Provided multiple “Scholarship Search” sessions to new and returning students each year
  • Participate in webinars for online students related to funding education
  • Automated a list of options students may choose from to encourage less borrowing
  • Implemented a personalized Annual Borrowing Notification letter to all student borrowers each semester
  • Enforced anti-fraud and anti-identity theft programs
  • Placed outbound calls to students to proactively help them understand debt and options
  • Advocated for and increased work-study funds and opportunities available instead of debt
  • Increased Liberty need-based aid programs
  • Increased social media presence to answer questions about scholarships and applying for outside aid
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