Key Facts
- According to the latest figures, 87.3% of undergraduate students accepted financial aid.
- The average financial aid package awarded to undergraduates was $15,480.
- The average federal student loan awarded for the school year was $3,860.
- $240.7 billion awarded in all forms of aid in 2022-23.
- Aid award to 1.99 million full-time undergraduate students
The rising college education costs are a well-known burden for students and families nationwide. Most families receive some form of financial aid.
By examining the average amount of financial aid offered, prospective students can better plan their budgets, refine their college search, and make informed borrowing decisions. Let’s explore the numbers to provide a clear picture of the financial aid landscape in higher education.
Financial Aid Acceptance Rate
According to the latest figures, 87.3% of undergraduate students accepted financial aid. This amount has increased over time.
Percent of Undergraduate Students Awarded Financial Aid by Year
Average Financial Aid Award
Average Aid per Student
According to the most recent financial aid data available (2022-23), financial aid awards are as follows:
Undergraduate students
- Average total financial aid award: $15,480
- Average grant aid: $10,320
- Average federal loans: $3,860
- Average other aid: $940
Graduate students
Average total financial aid award: $28,300
Average grant aid: $10,320
Average federal loans: $17,490
Average other aid: $490
Average Federal Student Loans Aid Per Undergraduate
Federal Student Loans
- Average federal loans borrowed in 2022-23 undergraduate school year: $3,860
- Percentage of students receiving federal loans: 38.6%
- National student loan debt total: $1.745 trillion
Grants and Scholarships
Undergraduate students
Average grants awarded through federal, state, or local sources.
- State/local grants and scholarships: $4,116
- Federal grants: $4,983
- Institutional grants and scholarships: $12,500
Work-Study Programs
Federal Work-Study
- In 2024, 24% of students reported receiving federal work-study income, averaging $1,615 per student per year.
Scholarships
Averages per student for the 2021-22 academic year across all institutions:
- Institutional grants and scholarships: $13,282
- State/local grants and scholarships: $4,374
FAFSA
- Approximately 74% of families completed the FAFSA for the 2023-24 academic year.
- Increase from 71% in 2022-23
Percent of families who filed FAFSA per academic year
Conclusion
Financial aid continues to play a crucial role in helping students and families manage the rising cost of higher education. With nearly 90% of undergraduate students accepting aid and billions awarded annually, it’s clear that financial support is essential for pursuing educational goals.
Understanding the different types of aid, from grants to loans and work-study programs, can empower students to make informed decisions about their financial future. Looking ahead, staying informed about aid availability and policy changes will remain critical for future students.
