Financial Aid Statistics

student loan interest ratesFinancial 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:

Of course, financial aid statistics vary depending upon the economic state of the country.

 

Financial Aid Basics