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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3 Responses to Department of Education Releases Financial Aid Findings

  1. Rod G says:

    These amounts seem like small potatoes when you look at the costs of tuition, not to mention housing, food, maybe some beer, etc.

  2. TCH says:

    College is expensive! Colleges may talk about how sympathetic they are to the costs of going to college, but they are the ones that keep hiking up tuition. Financial aid is nice, if you can get it, but even if you do, plan on paying it back for a long, long time.

  3. PetersonG says:

    Almost as shocking is that 1/3 of the students don’t receive financial aid. How can these students afford $30-$50k per year?

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