Higher education financial aid statistics
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The federal government provides financial aid to undergraduate students in the form of grants and loans. Notable grants administered by the United States government include Pell Grants and Federal Supplemental Educational Opportunity Grants (FSEOG). Loan programs administered by the federal government include the William D. Ford Federal Direct Loan (Direct Loan) Program and Federal Perkins Loan Program.[1][2][3]
Perkins Loans have an interest rate of 5 percent, while Direct Loans have interest rates that vary based on the date of disbursement and the loan type: loans disbursed between July 1, 2014, and July 1, 2017, have interest rates ranging from 3.76 percent to 7.21 percent. According to the U.S. Department of Education, the average default rate on Perkins Loans was 11.8 percent for borrowers who entered into repayment in 2012; the rate reflects borrowers who defaulted prior to September 30, 2014. This is compared to average default rates of 7.2 percent on home loans and 2.23 percent on credit card loans in 2014.[4][5][6]
According to the National Center for Education Statistics, 82.7 percent of full-time college freshmen at four-year institutions (public and private) received some type of financial aid in the 2013-2014 academic year. The average student loan amount was $7,007.[7]
Students receiving financial aid
The table below lists information about the number of full-time, first-time undergraduate students nationwide who received financial aid from academic year 2005-2006 to 2012-2013.[7]
| Number of full-time freshman students receiving financial aid | |||||||
|---|---|---|---|---|---|---|---|
| Year | Total enrollment | Students receiving financial aid | Percentage receiving aid | Percentage of enrolled students in aid program | |||
| Federal grants | State and local grants | Institutional grants | Student loans | ||||
| All institutions | |||||||
| 2005-2006 | 2,309,543 | 1,731,315 | 75.0% | 33.7% | 30.8% | 32.7% | 44.6% |
| 2006-2007 | 2,427,043 | 1,766,257 | 72.8% | 32.1% | 30.0% | 32.2% | 43.5% |
| 2007-2008 | 2,532,955 | 1,914,567 | 75.6% | 35.4% | 30.6% | 33.6% | 45.6% |
| 2008-2009 | 2,542,748 | 1,974,063 | 77.6% | 36.4% | 31.7% | 34.6% | 46.6% |
| 2009-2010 | 2,855,241 | 2,323,706 | 81.4% | 46.2% | 28.6% | 33.3% | 51.2% |
| 2010-2011 | 2,648,101 | 2,179,582 | 82.3% | 47.8% | 31.0% | 35.8% | 50.1% |
| 2011-2012 | 2,571,120 | 2,140,556 | 83.3% | 47.6% | 30.8% | 37.9% | 51.2% |
| 2012-2013 | 2,511,146 | 2,077,316 | 82.7% | 45.5% | 31.2% | 39.8% | 49.4% |
| Public institutions | |||||||
| 2005-2006 | 1,510,268 | 1,066,041 | 70.6% | 31.1% | 34.8% | 25.1% | 34.2% |
| 2006-2007 | 1,568,395 | 1,096,808 | 69.9% | 30.9% | 34.9% | 25.2% | 34.2% |
| 2007-2008 | 1,648,583 | 1,173,222 | 71.2% | 32.6% | 35.8% | 25.9% | 34.7% |
| 2008-2009 | 1,701,017 | 1,245,890 | 73.2% | 33.6% | 36.8% | 26.5% | 36.2% |
| 2009-2010 | 1,804,745 | 1,383,660 | 76.7% | 41.1% | 35.6% | 26.3% | 38.6% |
| 2010-2011 | 1,802,335 | 1,421,369 | 78.9% | 46.0% | 35.9% | 27.2% | 40.2% |
| 2011-2012 | 1,766,428 | 1,418,651 | 80.3% | 46.8% | 35.7% | 29.6% | 42.5% |
| 2012-2013 | 1,736,952 | 1,390,827 | 80.1% | 45.0% | 36.2% | 31.1% | 41.4% |
| Private nonprofit institutions | |||||||
| 2005-2006 | 471,069 | 401,908 | 85.3% | 26.5% | 31.3% | 73.8% | 59.8% |
| 2006-2007 | 477,698 | 407,247 | 85.3% | 26.2% | 30.5% | 73.9% | 59.3% |
| 2007-2008 | 494,088 | 424,943 | 86.0% | 27.3% | 30.0% | 74.4% | 60.2% |
| 2008-2009 | 496,594 | 433,231 | 87.2% | 27.5% | 30.2% | 76.7% | 60.5% |
| 2009-2010 | 501,227 | 445,500 | 88.9% | 33.1% | 27.8% | 78.4% | 63.0% |
| 2010-2011 | 517,831 | 462,840 | 89.4% | 36.4% | 27.7% | 78.4% | 64.3% |
| 2011-2012 | 512,754 | 457,227 | 89.2% | 34.9% | 27.0% | 79.4% | 63.3% |
| 2012-2013 | 515,423 | 459,216 | 89.1% | 33.8% | 26.1% | 79.9% | 62.0% |
| Private for-profit institutions | |||||||
| 2005-2006 | 328,206 | 263,366 | 80.2% | 55.6% | 11.4% | 8.8% | 70.4% |
| 2006-2007 | 380,950 | 262,202 | 68.8% | 44.8% | 9.3% | 8.4% | 61.7% |
| 2007-2008 | 390,284 | 316,402 | 81.1% | 57.8% | 9.5% | 14.9% | 72.9% |
| 2008-2009 | 345,137 | 294,942 | 85.5% | 63.4% | 9.1% | 14.0% | 77.7% |
| 2009-2010 | 549,269 | 494,546 | 90.0% | 74.8% | 6.3% | 15.2% | 81.5% |
| 2010-2011 | 327,935 | 295,373 | 90.1% | 75.7% | 9.0% | 15.5% | 82.0% |
| 2011-2012 | 291,938 | 264,678 | 90.7% | 75.3% | 8.4% | 15.3% | 82.3% |
| 2012-2013 | 258,771 | 227,273 | 87.8% | 71.9% | 7.8% | 18.2% | 77.4% |
| Source: National Center for Education Statistics, "Table 331.20. Full-time, first-time degree/certificate-seeking undergraduate students enrolled in degree-granting postsecondary institutions, by participation and average amount awarded in financial aid programs, and control and level of institution: 2000-01 through 2012-13" | |||||||
Average award amounts
The table below lists average award amounts per student by aid type for academic years 2005-2006 to 2012-2013. All dollar amounts are rendered in constant 2013-2014 dollars to enable year-to-year comparison.[7]
| Average financial aid award amounts for full-time college freshmen | ||||||
|---|---|---|---|---|---|---|
| Year | Total enrollment | Percentage receiving aid | Average award amount | |||
| Federal grants | State and local grants | Institutional grants | Student loans | |||
| All institutions | ||||||
| 2005-2006 | 2,309,543 | 75.0% | $3,494 | $2,882 | $7,336 | $5,705 |
| 2006-2007 | 2,427,043 | 72.8% | $3,597 | $2,907 | $7,588 | $5,771 |
| 2007-2008 | 2,532,955 | 75.6% | $3,747 | $2,864 | $7,538 | $6,669 |
| 2008-2009 | 2,542,748 | 77.6% | $4,298 | $2,962 | $8,230 | $7,359 |
| 2009-2010 | 2,855,241 | 81.4% | $5,088 | $3,004 | $8,340 | $7,609 |
| 2010-2011 | 2,648,101 | 82.3% | $5,057 | $3,021 | $8,920 | $7,039 |
| 2011-2012 | 2,571,120 | 83.3% | $4,568 | $3,007 | $9,052 | $6,857 |
| 2012-2013 | 2,511,146 | 82.7% | $4,522 | $3,100 | $9,364 | $7,007 |
| Public institutions | ||||||
| 2005-2006 | 1,510,268 | 70.6% | $3,455 | $2,629 | $3,734 | $4,565 |
| 2006-2007 | 1,568,395 | 69.9% | $3,567 | $2,668 | $3,817 | $4,697 |
| 2007-2008 | 1,648,583 | 71.2% | $3,738 | $2,609 | $3,918 | $5,331 |
| 2008-2009 | 1,701,017 | 73.2% | $4,253 | $2,720 | $4,137 | $6,119 |
| 2009-2010 | 1,804,745 | 76.7% | $5,093 | $2,770 | $4,231 | $6,160 |
| 2010-2011 | 1,802,335 | 78.9% | $5,064 | $2,845 | $4,421 | $6,143 |
| 2011-2012 | 1,766,428 | 80.3% | $4,543 | $2,862 | $4,583 | $6,101 |
| 2012-2013 | 1,736,952 | 80.1% | $4,496 | $2,962 | $4,766 | $6,223 |
| Private nonprofit institutions | ||||||
| 2005-2006 | 471,069 | 85.3% | $4,046 | $3,681 | $11,728 | $6,222 |
| 2006-2007 | 477,698 | 85.3% | $4,263 | $3,822 | $12,344 | $6,382 |
| 2007-2008 | 494,088 | 86.0% | $4,360 | $3,758 | $12,725 | $7,120 |
| 2008-2009 | 496,594 | 87.2% | $4,867 | $3,860 | $13,892 | $8,339 |
| 2009-2010 | 501,227 | 88.9% | $5,485 | $3,949 | $14,790 | $8,071 |
| 2010-2011 | 517,831 | 89.4% | $5,395 | $3,779 | $15,224 | $7,754 |
| 2011-2012 | 512,754 | 89.2% | $4,807 | $3,653 | $15,557 | $7,723 |
| 2012-2013 | 515,423 | 89.1% | $4,741 | $3,729 | $16,197 | $8,009 |
| Private for-profit institutions | ||||||
| 2005-2006 | 328,206 | 80.2% | $3,218 | $3,301 | $1,680 | $7,620 |
| 2006-2007 | 380,950 | 68.8% | $3,195 | $2,847 | $1,778 | $7,489 |
| 2007-2008 | 390,284 | 81.1% | $3,403 | $3,326 | $1,281 | $8,890 |
| 2008-2009 | 345,137 | 85.5% | $4,061 | $3,497 | $1,835 | $9,111 |
| 2009-2010 | 549,269 | 90.0% | $4,920 | $3,550 | $1,321 | $9,540 |
| 2010-2011 | 327,935 | 90.1% | $4,776 | $3,219 | $2,002 | $8,570 |
| 2011-2012 | 291,938 | 90.7% | $4,468 | $3,089 | $2,170 | $8,051 |
| 2012-2013 | 258,771 | 87.8% | $4,425 | $3,207 | $2,387 | $8,224 |
| Source: National Center for Education Statistics, "Table 331.20. Full-time, first-time degree/certificate-seeking undergraduate students enrolled in degree-granting postsecondary institutions, by participation and average amount awarded in financial aid programs, and control and level of institution: 2000-01 through 2012-13" | ||||||
State-based financial aid
2013-2014
According to the National Association of State Student Grant and Aid Programs, the states disbursed approximately $11.7 billion in state-based financial aid to postsecondary students in the 2013-2014 academic year. This represented about 5 percent of all financial aid provided to undergraduate students, according to the College Board. The table below provides state-based aid figures for California and surrounding states in 2013-2014.[8][9]
| Total state-based financial aid, 2013-2014 (in millions) | ||||
|---|---|---|---|---|
| State | Need-based grant aid | Non-need-based grant aid | Non-grant aid | Total |
| Alabama | $6.55 | $2.99 | - | $9.54 |
| Alaska | $3.89 | $7.82 | $6.53 | $18.24 |
| Arizona | $21.38 | - | $0.17 | $21.55 |
| Arkansas | $8.28 | $130.65 | $2.38 | $141.31 |
| California | $1,671.94 | $2.38 | $21.38 | $1,695.7 |
| Colorado | $79.17 | $0.42 | $31.64 | $111.23 |
| Connecticut | $39.81 | $0.27 | $106.9 | $146.98 |
| Delaware | $14.09 | $7.89 | $0.87 | $22.86 |
| Florida | $152.3 | $313.62 | $90.93 | $556.85 |
| Georgia | - | $569.92 | $2.56 | $572.49 |
| Hawaii | $3.78 | - | $0.58 | $4.37 |
| Idaho | $1.42 | $3.56 | $1.19 | $6.17 |
| Illinois | $372.32 | $1.05 | $3.96 | $377.34 |
| Indiana | $269.4 | $6.14 | $25.71 | $301.25 |
| Iowa | $59.57 | $4.8 | $2.3 | $66.67 |
| Kansas | $18.14 | - | $3.95 | $22.09 |
| Kentucky | $92.58 | $110.85 | $2.77 | $206.2 |
| Louisiana | $26.1 | $223.5 | - | $249.6 |
| Maine | $12.07 | - | $2.04 | $14.1 |
| Maryland | $108.05 | $5.16 | $5.16 | $118.37 |
| Massachusetts | $87.04 | $4.06 | $45.35 | $136.45 |
| Michigan | $95.16 | $1.01 | $0.09 | $96.26 |
| Minnesota | $180.23 | $1.46 | $74.19 | $255.88 |
| Mississippi | $8.33 | $19.65 | $9.24 | $37.21 |
| Missouri | $60.55 | $46.86 | - | $107.41 |
| Montana | $3.71 | $1.34 | $0.86 | $5.91 |
| Nebraska | $17.34 | - | $107.72 | $125.06 |
| Nevada | $10.4 | $23.87 | $19.25 | $53.52 |
| New Hampshire | - | - | - | - |
| New Jersey | $385.29 | $7.76 | $193.02 | $586.07 |
| New Mexico | $25.11 | $79.28 | $10.35 | $114.73 |
| New York | $947.61 | $30.44 | $79.85 | $1,057.9 |
| North Carolina | $326.54 | $7.21 | $73.62 | $407.37 |
| North Dakota | $9.94 | $8.45 | $1.51 | $19.89 |
| Ohio | $80.86 | $38.54 | $0.8 | $120.2 |
| Oklahoma | $84.7 | $10.8 | $187.07 | $282.58 |
| Oregon | $55.37 | $0.03 | $91.08 | $146.48 |
| Pennsylvania | $457.45 | $1.82 | $23.3 | $482.56 |
| Rhode Island | $11.92 | - | - | $11.92 |
| South Carolina | $60.64 | $298.96 | $2.8 | $362.4 |
| South Dakota | $0.2 | $4.51 | $0.57 | $5.27 |
| Tennessee | $87.56 | $278.28 | $1.29 | $367.13 |
| Texas | $773.81 | - | $164.97 | $938.78 |
| Utah | $2.77 | $7.46 | $83.56 | $93.78 |
| Vermont | $20.4 | $0.11 | $0.49 | $21 |
| Virginia | $162.24 | $90.25 | $216.22 | $468.7 |
| Washington | $354.26 | $0.53 | $14.9 | $369.69 |
| West Virginia | $45.42 | $59.65 | $36.21 | $141.27 |
| Wisconsin | $125.59 | $2.99 | $7.18 | $135.76 |
| Wyoming | $15.15 | - | - | $15.15 |
| United States | $7,491.27 | $2,446.92 | $1,756.51 | $11,694.70 |
| Note: Dollar figures do not account for differences in the cost of living between states. Learn more here. Source: National Association of State Student Grant and Aid Programs, "45th Annual Survey Report on State-Sponsored Student Financial Aid" | ||||
2012-2013
According to the National Association of State Student Grant and Aid Programs, the states disbursed approximately $11.3 billion in state-based financial aid to postsecondary students in the 2012-2013 academic year. California provided the most state-based financial aid at approximately $1.5 billion, which was roughly 13.7 percent of the national total. The table below provides figures for state-based aid. Click [show] on the green bar to view the table.[10]
| Total state-based financial aid, 2012-2013 (dollars in millions) | ||||
|---|---|---|---|---|
| State | Need-based grant aid | Non-need-based grant aid | Non-grant aid | Total |
| Alabama | $6.937 | $2.599 | - | $9.536 |
| Alaska | $3.945 | $5.655 | $7.310 | $16.911 |
| Arizona | $21.436 | - | $0.277 | $21.713 |
| Arkansas | $9.396 | $146.146 | $2.926 | $158.468 |
| California | $1,519.220 | $1.989 | $23.931 | $1,545.140 |
| Colorado | $74.722 | $0.365 | $30.388 | $105.475 |
| Connecticut | $45.486 | $0.339 | $92.801 | $138.626 |
| Delaware | $13.951 | $6.975 | $0.956 | $21.882 |
| Florida | $153.371 | $320.143 | $76.498 | $550.012 |
| Georgia | - | $535.992 | $2.530 | $538.521 |
| Hawaii | $3.225 | - | $0.563 | $3.788 |
| Idaho | $1.101 | $4.227 | $1.374 | $6.701 |
| Illinois | $370.909 | $1.049 | $7.659 | $379.617 |
| Indiana | $252.595 | $6.913 | $25.931 | $285.438 |
| Iowa | $57.610 | $5.189 | $0.958 | $63.756 |
| Kansas | $17.817 | $0.081 | $3.900 | $21.797 |
| Kentucky | $87.192 | $108.265 | $2.617 | $198.074 |
| Louisiana | $26.163 | $191.905 | $0.040 | $218.108 |
| Maine | $16.407 | - | $1.872 | $18.279 |
| Maryland | $88.514 | $5.084 | $5.795 | $99.393 |
| Massachusetts | $85.547 | $7.296 | $44.512 | $137.355 |
| Michigan | $91.701 | $0.973 | $0.104 | $92.778 |
| Minnesota | $169.452 | $0.884 | $83.184 | $253.520 |
| Mississippi | $5.618 | $19.226 | $7.857 | $32.701 |
| Missouri | $63.616 | $40.646 | - | $104.262 |
| Montana | $4.162 | $1.350 | $0.863 | $6.375 |
| Nebraska | $15.999 | - | $109.863 | $125.862 |
| Nevada | $36.269 | $23.053 | $18.887 | $78.210 |
| New Hampshire | - | - | - | - |
| New Jersey | $365.932 | $10.112 | $185.569 | $561.612 |
| New Mexico | $25.433 | $81.125 | $9.895 | $116.453 |
| New York | $941.292 | $31.723 | $65.693 | $1,038.710 |
| North Carolina | $332.852 | $8.371 | $73.514 | $414.738 |
| North Dakota | $10.905 | $7.102 | $1.634 | $19.641 |
| Ohio | $86.048 | $35.351 | $0.666 | $122.065 |
| Oklahoma | $83.347 | $11.102 | $180.745 | $275.194 |
| Oregon | $52.134 | $0.032 | $87.475 | $139.641 |
| Pennsylvania | $450.897 | $0.365 | $26.341 | $477.603 |
| Puerto Rico | $36.612 | - | $0.048 | $36.660 |
| Rhode Island | $12.406 | - | - | $12.406 |
| South Carolina | $59.503 | $293.715 | $1.937 | $355.155 |
| South Dakota | - | $4.336 | $0.548 | $4.884 |
| Tennessee | $89.524 | $284.092 | $1.579 | $375.195 |
| Texas | $703.389 | - | $166.096 | $869.485 |
| Utah | $3.484 | $6.240 | $80.539 | $90.262 |
| Vermont | $20.117 | $0.080 | $0.394 | $20.592 |
| Virginia | $157.940 | $81.723 | $191.747 | $431.411 |
| Washington | $343.851 | $1.832 | $17.835 | $363.518 |
| Washington, D.C. | $1.177 | $32.959 | - | $34.136 |
| West Virginia | $45.267 | $61.006 | $40.642 | $146.915 |
| Wisconsin | $120.834 | $2.993 | $7.036 | $130.863 |
| Wyoming | $15.470 | - | - | $15.470 |
| U.S. totals | $7,200.770 | $2,390.600 | $1,693.530 | $11,284.910 |
| Source: National Association of State Student Grant and Aid Programs, "44th Annual Survey Report on State-Sponsored Student Financial Aid, 2012-2013 Academic Year" | ||||
See also
- Higher education by state
- Higher education tuition statistics
- Higher education enrollment statistics
- Higher education retention rates
- Higher education graduation rates
- Higher education funding
Footnotes
- ↑ National Center for Education Statistics, "Fast Facts - Financial aid," accessed December 18, 2014
- ↑ Federal Student Aid: An Office of the U.S. Department of Education, "Grants and Scholarships," accessed December 18, 2014
- ↑ Federal Student Aid: An Office of the U.S. Department of Education, "Loans," accessed December 18, 2014
- ↑ Credible, "What are average student loan interest rates?" June 29, 2016
- ↑ Board of Governors of the Federal Reserve System, "Charge-Off and Delinquency Rates on Loans and Leases at Commercial Banks," May 18, 2016
- ↑ Federal Student Aid, "Three-year Official Cohort Default Rates for Schools," September 30, 2015
- ↑ 7.0 7.1 7.2 National Center for Education Statistics, "Table 331.20. Full-time, first-time degree/certificate-seeking undergraduate students enrolled in degree-granting postsecondary institutions, by participation and average amount awarded in financial aid programs, and control and level of institution: 2000-01 through 2012-13," accessed July 29, 2016
- ↑ National Association of State Student Grant and Aid Programs, "45th Annual Survey Report on State-Sponsored Student Financial Aid," accessed July 12, 2016 (Click on "45th Annual Survey" and "NASSGAP Survey Report 13-14" to access this report.)
- ↑ The College Board, "Trends in Student Aid," accessed June 30, 2016 (Click on the dropdown menu under "Trends in Student Aid Report Archive" and select 2014 to access this report)
- ↑ National Association of State Student Grant and Aid Programs, "44th Annual Survey Report on State-Sponsored Student Financial Aid, 2012-2013 Academic Year," accessed December 18, 2014
