Department of Education Releases Financial Aid Findings

The U.S. Department of Education relased a comprehensive assessement of undergraduate financial aid recipients.  Below are some of its findings: 

Types of financial aid received by undergraduates in 2007-08:

  • Sixty-six percent of all undergraduates received some type of financial aid.  For those who received any aid, the total average amount received was $9100.  Fifty-two percent received grants averaging $4900, and 38 percent took out an average of $7100 in student loans.  Seven percent received aid through work-study jobs averaging $2400 in wages, 2 percent received an average of $5400 in veteran’s benefits, and 4 percent of students had parents who took out an average of $10800 in Parent PLUS Loans  Parent PLUS Loans are included in total aid but are not  included in student loans because thay are loans for a parent of dependent students.

Sources of aid received by undergraduates in 2007-08:

  • Forty-seven percent of all undergraduates received federal studnet aid, the average amount of which was $6600.  Sixteen percent received an average of $2500 in state-funded grants and 20 percent received an average of $5000 in grants funded by the post secondary insititution they attended.

Federal Title IV program aid for undergraduates in 21007-08:

  • Federal Pell Grants were awarded to 27 percent of all undergraduates at an average of $2600, and 34 percent of all undergraduates took out federal Stafford loans averanging a total of $5000.  Subsidized Stafford loans were received by 30 percent of undergraduates and averaged $3400, while 22 percent received an average of $3200 in uunsubsidized Stafford loans.

Income distribution of undergraguates:

  • Among all dependent undergraduates, 28 percent came from families with income under $40,000 while another 28 percent had family incomes of $100,000 or more.  Among all independent undergraduates, 40 percent had incomes under $20,000.

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