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.