College education: how much aid is available?

Most families in the United States and around the world know that financing a college education is expensive.  

But a college degree is an investment for both the student and family.  So how much financial aid is available?

According to a report by the College Board, in 2012-13 a total of $185.1 billion was awarded to undergraduate students.  Loans represented 37% of the total amount awarded and 24% was awarded in grant aid.  This represents an increase of 132% since 2002-03.

The following statistics are important as you search for the best school for you and your family.  Last year: 

  • $13.0 billion was awarded in federal grants other than Pell grants.
  • Pell Grant funding totaled $32.3 billion.
  • Federal loans totaled $67.8 billion.
  • Private and employer grants were $9.8 billion.
  • Institutions awarded $34.9 billion in grant aid last year.
  • State grant funding totaled $9.6 billion.

mjdennisbook-cover-1000-wideIn addition to federal loans and grants, the federal government funded $.9 billion in Work-Study funding.

The New College Guide: How to Get In, Get Out, and Get a Job recommends:

  • Never eliminate a school because of the published costs.  Few families pay the full amount and as you can read in this blog, there is a great deal of money, from federal, state, institutional and private sources, that can assist you in funding your education.
  • International students should find out, before they enroll, all of the financial aid available at each of the schools on their lists.