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.
In addition to federal loans and grants, the federal government funded $.9 billion in Work-Study funding.
- 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.