Financial Aid Statistics
Financial aid includes a wide variety of monetary assistance programs that are designed to help students who want to pursue higher education. These awards are funded by a number of sources, including federal and state. Notably, many of these funds are also offered by schools. Through these awards, student can receive money that may be used to pay for tuition, study materials and living expenses such as meals, accommodations and travel. (The eligibility requirements and payback terms of different financial aid programs vary.) Furthermore, some financial aid awards, such as grants, are free, meaning students do not have to repay them. Student loans, on the other hand, have to be paid back.
Financial Aid Statistics and the U.S. Department of Education
The U.S. Department of Education is the largest donor of financial aid in the country, as it offers a plethora of grants, student loans and other types of financial aid to students who wish to enroll in a college. These funds are awarded on the basis of need, merit and a number of other criteria. To apply for financial aid, students need to fill out the FAFSA application, which is available online at www.fafsa.ed.gov. Financial aid statistics provide an idea of the overall level of financial availability and also the cost of education in America. Here are some financial aid statistics to date:
- The U.S. Department of Education offers around $100 billion in government financial aid to students who want to enroll in higher education across the nation.
- About 50% of the total financial aid packages given to the students is provided via grants.
- The average financial package received by students from the Department of Education is approximately $10,000.
- In 2007 and 2008, over 66% of undergraduates received some form of financial aid.
- 40% of the total students who applied for financial aid received an average loan of $7,000.
Of course, financial aid statistics vary depending upon the economic state of the country.
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