Seventy-one percent of all undergraduate students received some kind of financial aid in the 2011-12 school year, with more of it coming from the federal government as state financial aid has stagnated, according to a report released Aug. 20 by the National Center for Education Statistics.[i]
The average amount of financial aid for undergraduates was $10,800.
Of the undergraduates who received aid, 59% received grants, 42% took out student loans, 6% received aid as part of a work-study program, 5% had parents who took out federal Direct PLUS loans and 4% received veterans’ benefits.
Students getting any kind of federal aid jumped to 57% in 2012 from 47% in 2008. The percentage of students receiving federal grants has jumped to 42% from 28% in 2008. The percentage of students receiving federal loans went up to 40% from 35% in 2008.
The stagnation of state assistance is shown in the fact that 15% of undergraduates received some kind of state aid, down from 17% in 2008.
Seventy percent of all graduate students received some kind of financial aid in 2012. Forty-five percent took out student loans, including 43% who took out federal Direct Loans and 10% who took out federal PLUS Loans for graduate students. Twelve percent received assistantships. The average total aid for graduate students was $22,000.
The report is based on data from the 2011-12 National Postsecondary Student Aid Study. The nationally representative sample survey collected information from 95,000 undergraduate and 16,000 graduate students enrolled at 1,500 schools between July 1, 2011, and June 30, 2012.