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Financial Aid Statistics

What is financial aid?
Before going through a comprehensive understanding of the financial aid statistics, let's first of all discuss the definition of financial aid. Primarily, financial aid is defined as the amount of money that becomes available to students to pursue and complete their academic goals and ambitions in the US. There are a plethora of different types and forms of financial aid that are available to students. Financial aid can be given by organizations, institutions, colleges, universities and even the federal government. The objective of all financial aid packages is to enhance the opportunity of a particular candidate to pursue his or her academic career.

Financial Aid Statistics & the US Department of Education
Largest donor of financial aid across the US is the United States Department of Education. The United States Department of Education  gives low interest financial aid packages as well as financial aid grants to eligible students. All applicants that receive financial aid from the United States Department of Education  have to fill a free online application declaring their assets, income, and dependencies. Based upon the data given, a United States Department of Education  specialist reviews the applications and determines a certain financial aid value to that particular candidate.

According to the National Center for Education and the United States Department of Education , the following are the main financial aid statistics available till date:

  • The United States Department of Education  provides around $100 billion in government financial aid to students in colleges and universities across the nation.

  • More than 66% of undergrad students have received some form and type of financial aid during 2007 and 2008. This trend has increased over the last two years. The main reason behind the increase is the scarcity of jobs and high unemployment rates. During these times, professionals tend to enhance their education.

  • The average financial package received by students eligible for the financial aid by the United States Department of Education  was approximately $10,000.

  • Approximately 50% of the total financial aid package given to the students was in the shape of grants. Grants are the total amount of money that is not to be returned back to the United States Department of Education  as long as a certain academic threshold is met.

  • State-funded grants provided approximately 16% of the total grants that became available to students across the nation.

  • Colleges and universities also contributed to the grants and financial aid packages that became available for the enrolled students.

  • 40% of the total students who applied for financial aid broke got an average loan of $7000.

The financial aid statistics will vary depending upon the economic conditions of the country. Since financial aid is an ongoing process, the financial aid statistics for one quarter of the year would be significantly different than the financial aid statistics of the falling quarter. What is important to note is that financial aid statistics are properly maintained by the United States Department of Education  as well as other relevant government organizations and agencies. The financial aid statistics is a sound way to a comprehend the overall level of financial availability of students and the cost of education in America today.

Other Useful Resources

Frequently Asked Question(s)

Q:Which federal grants are among the best in the United States financial aid statistics? Is FAFSA mandatory for these?

A:The United States financial aid statistics credit Federal Financial aid such as Pell Grants and Subsidized/Unsubsidised Stafford Financial Student Loans as the top choice of students. The FAFSA status update form is essential to be submitted with any financial aid application.

Q:Has the recent credit crisis of 2008 had any negative effect on the education financial aid statistics?

A:With the credit crisis there definitely has been a significant slump in the loans and financial assistance market in the United States. However, the education financial aid statistics have not been much affected due to the commitment of the US Education Department to promote higher education.

Q:How to write grants proposals?

A:The foremost step to write a grant is to follow the instructions, rules and regulation stated by the financier, for example, if the guidelines require you to apply online then do not fax or email your application. Secondly, always provide specific and concise information to maximize your chances of acceptance. Make sure that all objectives are stated very clearly in your application, so that it is easier for the evaluation committee to process your application.Also, you are advised to state the exact budget with precise numerical figures and not any estimates. Before submitting, ensure that you check your application for grammatical and spelling errors as well.

Q:The website for financial aid data from the US Department of Education gives an overview of what?

A:Students can inquire and get all sorts of data and information from the US Department of Education’s website. The website gives details about all the different financial aid programs available for students. These include grants, loans, Pell grant, national smart grants, and many other programs. The website also allows students to view their loan statuses and manage their repayment schedules.

Q:Which public departments can offer the Masters in Statistics financial aid?

A:Masters in Statistics financial aid is offered by various universities as well as government departments. Many of the Applied Research Laboratories in the United States allow American citizens to apply for any financial aid if the are students of the subject.

Q:Where can I find information on financial aid statistics for each institute on your website?

A:To find out the financial aid statistics for each school listed on our website you can click on each institute's page and go to the financial aid option for the institute. If the institute has allowed viewers to know about their aggregate financial aid amount or its classifications, you will be able to view it otherwise not. Each institute has their policies about sharing financial aid information.

Q:Do I need to know anything particularly about the statistics of financial aid?

A:Well, the information above pretty much states all the information that you might want to go through before applying for financial aid. Federal financial aid is awarded on the basis of need for the finances. More than 60% of the fresh undergraduates receive federal financial aid. Alternative aid methods should only be adopted upon exhaustion of federal aid or if the awarded financial aid is not enough to cover your cost of education. For any further particular information regarding financial aid, you can write to us.

Q:As I read about the student loans and financial aid statistics in the United States, I read a lot about the requirement of a Social Security. Can you please fill me in regarding this?

A:The Social Security Number (SSN) in United States is a number featuring nine digits, that is only issued to legal U.S. citizens. It is also offer to the permanent residents of the United States and the temporary working residents that are legally residing in the country. Issuance of this number is done by the Social Security Administration, which is an independent agency and part of the government of United States.

Q:As I was reading the government financial aid statistics in the United States, it stressed on better chances for business financial aid upon strong knowledge of Business Law. What is taught in the course of Business Law?

A:Many of the surveys on government financial aid statistics stress on having ample info regarding the 5 credits worth course on Business Law, if you wish to get approved for a business degree related financial aid. This course stresses primarily on the examination as well as evaluation of the legal environment and the legal system of the corporate business environment these days.

Q:Is information about financial aid statistics important if I am applying for a student loan?

A:It helps to have information about financial aid statistics when applying for a student loan. It gives the student an overview of facts and figures related to student loans. Students are recommended to do an extensive amount of research so that they are fully aware of the advantages and disadvantages of the loan they are applying for.

Q:While going through Financial Aid stats I got to wonder if students can apply for aid for online programs?

A:As the Financial Aid stats show, there are many students that opt for online courses, for once, they are more affordable and they can manage to continue their jobs along with studies. Financial Aid is available for all accredited programs, campus-based or online, offered by accredited institutes and you can apply for it by filling the online form.

Q:As I read on the financial aid figures, there was mention of the course on Fundamentals of Management. What are the contents of this course?

A:It is common to get to read about the course on Fundamentals of Management while going through the Financial Aid Figures. This course is worth 2 credits in total. It is structured to provide students with ample understanding of the skill based approaches to planning and the managerial decision making. Students are also highlighted on concepts of motivation and leadership.

Q:While reading on the financial aid statistics business schools, there was mention of the course on Principles of Accounting. What are the contents of this course?

A:It is common to get to read about the course on Principles of Accounting while going through the Financial Aid Statistics Business Schools. This course is of around 3 credits in total. It is structured to offer students with maximum understanding of the basic most principles of financial accounting. Students are also highlighted on the concepts of payroll, merchandizing and cash management.

Q:As I went through the state aide statistics, there was mention of the course on College Mathematics. What are the contents of this course?

A:It is common to get to study about the course on College Mathematics while reading the State Aide Statistics. This course is worth 3 credits in total. It is designed to offer students with some of the most substantial info regarding the comprehensive review of the mathematical skills and also the applications of this in the vocational jobs.

Q:While looking for financial aid facts and statistics I came across Hope Education Credit, tell me about this?

A:Gone are the days when even a high school diploma was enough to get you a well paying job. The present day job market is extremely competitive and requires investment in the highest possible level of higher education. But higher education in these present times is not cheap. This is where the federal/local government offers a number of student loans, scholarships and grants which are tax exempted and repayment of these loans also enjoys exemptions. These are called the Hope Education Credit.

Q:While looking for government aid statistics I came across the GI Bill, tell me about those?

A:Under the GI bill, any citizen of the U.S who offers a minimum of 90 days of service in the military is given financial assistance for the perusal of higher education. This program is for graduates and undergraduates and supports training in entrepreneurship, vocational/technical fields, flight training, tutorial assistance, correspondence training as well as licensing and national testing programs. Students in this program can get full tuition and fee through this program whether they are in public/private or foreign schools.

Q:While searching for statistics on financial aid, I saw that a majority of students apply for federal aid programs. Is this true?

A:Federal aid is one of the most popular sources of financial assistance. This is because federal aid programs are need based and have a very easy eligibility criteria. Almost every accredited college and university provides students with the option of applying for federal aid. It is recommended that students should apply for federal aid first. If federal aid assistance is denied, only then a student should look towards private funding options.

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