Financial Aid Statistics

Report Highlights. Student financial aid statistics indicate that, while 87.3% of first-time college students benefit from some form of financial aid, public programs are underutilized.

• Students missed out on at least $4.0 billion in unclaimed federal grants for the 2023-24 academic year.
• One calendar year’s worth of federal application for student financial aid (FAFSA) submissions represents 61.10% of fall college enrollees.
• 2025 projections for available federal student aid^* disbursements total $135.0 billion, including $40.651 billion in grants.
• Student employees may earn a collective $1.248 billion in work-study aid.
• The student financial aid acceptance rate grows an average of 1.05% each year in the 21st century.

^*All 2025 projections include federal work-study aid but not Consolidated Loans for existing borrowers.

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For related research, see our reports on Student Loan Debt Statistics | Student Loan Forgiveness Statistics | Average Student Loan Payment | Average Cost of College & Tuition | Average Cost of Community College | How Do People Pay for College? | Student Loan Refinancing

Federal Student Aid Statistics

Most federal financial aid is need-based. Grants, loans, work-study programs, and additional education-related benefits are available through multiple federal agencies.

• Projections for 2025 federal program disbursals include $93.100 billion in new federal direct loans.
• Federal programs disbursed $114.9 billion in student grants and loans for the 2023-24 academic year.
• 10.025 million college students received federal student aid in the form of grants or loans.
• 17.045 million is the final applicant count for the Federal Application for Student Financial Aid (FAFSA) 2022-23 cycle^**.
• 4.399 million (25.8%) of FAFSA applicants would be first-time college students; 74.2% of FAFSA applicants have attended college before.
• The U.S. Department of Education (ED) increased its annual budget for Student Aid Administration by $625 million (30.1%) for fiscal year (FY) 2025.
• The federal Student Aid Administration has a $2.7 billion proposed budget for fiscal year 2025.

^**The 2022-23 FAFSA cycle began October 1, 2021 and ended March 31, 2023.

Federal Student Loans

Loans are the most widely used type of student aid, and the federal government spends more on student loans than on all other forms of student debt combined.

• Federal student loans disbursed for the 2023-24 academic year totaled $82.776 billion. 
• 6.348 million college students received federal loans for the ‘23-24 academic year.
• The average federal loan award was $13,038.84 in ‘23-24.
• The federal government is most likely to award loans to students attending private, for-profit 2-year colleges; 71.1% of first-time, full-time undergraduates at these institutions receive federal loans.
• 38.6% of college students received an average $7,487 in federal loans for the 2021-22 academic year.
• 31.4% of college students attending public institutions were awarded an average of $7,023 in student loans for the 2021-22 academic year.

Federal Grants

Grants (like scholarships) are financial aid awards that recipients don’t have to repay. Most federal grants are need-based, and federal formula grants have no application process.

• The FY2025 budget summary proposes a $8,145 maximum Pell grant for an estimated 7.153 million recipients.
• Federal student grants disbursed for the 2023-24 academic year totaled $32.121 billion.
• 6.40 million college students (undergraduate and graduate programs) received federal grants for the ‘23-24 academic year.
• The average federal grant award was $5,019.17 in ‘23-24.
• 56.0% of undergraduates received an average of $4,983 in federal grants in 2021-22.
• The federal government is most likely to award grants to students attending private, for-profit colleges, with 67.2% of undergraduates at these institutions receiving federal grants.
• 56.0% of first-time, full-time undergraduate college students nationwide receive federal grants.

Federal Work-Study

The Federal Work-Study Program (FWS) provides funds directly to institutions to administer campus-based work-study, providing up to 75% of student wages. Job availability is limited.

• The average annual work-study award is $1,980.
• 630,000 students benefit from federal student aid in a year.
• 41.7% of full-time enrolled undergraduates also work.
• 5.0% of undergraduates participate in work-study, including federal, state, and institution work-study programs.
• Among full-time, full-year undergraduates, 9.2% participate in work-study.

Other Types of Federal Student Aid

Multiple federal departments have budgetary provisions for postsecondary education.

• The Department of Veterans Affairs provided a total of $9.647 billion for various aid programs including scholarships and grants for veterans and their dependents.
• The U.S. Department of Defense provided a total of $580.10 million in tuition assistance for its personnel in 2022.
• The Department of the Interior provided $27.70 million in shared revenue for unspecified postsecondary education programs.
• The Department of Homeland Security provided $10.576 million in tuition assistance for personnel in ‘22.
• The federally-backed Harry S. Truman Scholarship and James Madison Memorial Fellowship Foundations each awarded $2.00 million in aid in 2022.
• Barry Goldwater Scholarship and Excellence in Education Foundation awarded $4.00 million in aid for ‘22.
• Federal tax credits and deductions for certain savings programs for postsecondary education costs include the American Opportunity Credit and Cloverdell Education Savings; see IRS Publication 970: Tax Benefits for Education.

Financial Aid Demographic Statistics

The average financial aid recipient is a financially dependent white female part-time student under the age of 24.

• 60.1% of undergraduate financial aid recipients are female.
• Students under the age of 24 are most likely to receive financial aid; 64.0% of financial aid recipients are under 24.
• 74.0% of students under the age of 24 use financial aid.
• 19.3% of financial aid recipients are aged 30 years or older; among students in this same age group, 66.7% accept financial aid.
• Students under the age of 24 are most likely to receive financial aid with a 74.0% acceptance rate.
• White students represent the largest share of financial aid recipients by race (47.9%).
• Asian students have the lowest financial aid acceptance rate among race/ethnic groups (65.5%).
• Black students are the group most likely to receive financial aid with an acceptance rate of 80.6%.
• Nonbinary students represent 1.20% of financial aid recipients and have a 66.5% aid acceptance rate.
• Married students are least likely to receive financial aid (62.4%) and represent 12.4% of aid recipients.
• Students who have divorced or separated from a spouse are most likely to accept financial aid (78.9%) and represent 1.25% of recipients.

Financial Aid Distribution Statistics

Schools, government agencies, and private organizations offer different types of student financial aid in the form of scholarships, grants, loans, or discounts.

• 1.992 million first-time, full-time undergraduate students were awarded some form of financial aid in the 2021-22 academic year.
• 1.402 million (86.7%) of first-time, full-time undergraduate students attending public institutions receive financial aid in some form.
• 1.031 million (87.1%) of first-time undergraduates attending 4-year public institutions receive financial aid.
• 370,984 (85.5%) of undergraduates at 2-year public institutions are awarded some type of financial aid.
• 467,215 (89.5%) first-time, full-time undergraduates attending private, nonprofit institutions are awarded financial aid.
• 453,137 (89.7%) undergraduates at private, nonprofit 4-year institutions are awarded financial aid.
• 14,078 (84.0%) undergraduates at private, nonprofit 2-year institutions are awarded financial aid.
• 122,823 (85.6%) first-time, full-time undergraduates at private, for-profit institutions receive financial aid.
• 42,396 (87.3%) undergraduates at 4-year private, for-profits receive financial aid.
• 80,427 (84.7%) undergraduates at 2-year private, for-profits receive financial aid.

State & Local Student Aid Statistics

States and other localities offer financial incentives for students to attend college locally or in-state.

• 33.2% of all undergraduates receive financial aid in the form of state or local grants and scholarships.
• The average undergraduate received $4,116 from state and local aid.
• The federal government appropriated a total of $29.098 billion from all states, districts, territories, tribal lands, and other jurisdictions for student financial aid in FY2021.
• New Mexico’s state government spends the most on financial aid per student, equivalent to $2,349 per fall postsecondary enrollee.
• The State of New Hampshire spends the least on aid per student, equivalent to $18.07 per fall enrollee.
• 39.1% of public postsecondary students accept state or local aid; the acceptance rate at 4-year institutions is 36.7%.
• 22.2% of postsecondary students who attend private nonprofit institutions accept state or local aid; 25.3% of students at private for-profits receive aid.

Student Financial Aid by State

Students in some states receive more aid (in terms of total dollar amount, average award, percentage of tax dollars, etc.) on higher education than others.

• The average District of Columbia student receives the largest annual federal loan ($19,911.29) compared to students in all other jurisdictions, exceeding the nationwide average by $6,872.45 (52.7%).
• North Dakota students receive the lowest average annual federal loan ($10,193.55) compared to other jurisdictions, representing 78.2% of the nationwide average.
• The largest average federal grant disbursals went to students in Puerto Rico ($6,098.80), exceeding the national average by $1,079.63 (21.5%).
• New Hampshire students receive the lowest average annual federal grant ($4,451.13), representing 88.7% of the nationwide average.
• The State of New Mexico spends the most on student financial aid in terms of a percentage of the state’s gross domestic product (GDP) at 0.206%.
• The State of Montana spends the least on student financial aid in terms of a percentage of the state’s gross domestic product (GDP) at 0.002%. 
• South Carolina provides the most state aid per undergraduate student, which was $3,205.77 in 2021.
• New Hampshire provides the least state aid per undergraduate, which was $16.84 in 2021.

Student Financial Aid In Alabama

Student borrowers in Alabama received an average of $12,166.99 in federal loans for the 2023-24 academic year.

• 100,400 Alabama college students received a total of $525.40 million in federal grants for the 2023-24 academic year. 
• The average federal grant award to Alabama college students was $5,233.07 for ‘23-24.
• 102,400 Alabama college students took out $1.246 billion in federal loans for ‘23-24.
• The State of Alabama awarded college students $57.452 million in financial aid for the 2022-23 academic year, up 1.21% from the previous year.
• Need-based grants represent 81.9% of state aid in Alabama; nongrant aid represents 0.29%.
• Alabama spent $47.033 million on need-based aid for ‘22-23, $98,000 less than the previous academic year.
• State funding for the ‘22-23 academic year was equivalent to 0.020% of Alabama’s 2022 GDP.
• The State of Alabama spent an average of $364.09 per undergraduate student in 2021, down 15.23% from 2020.
• 33.3% of Alabama’s undergraduates receive federal student loans.
• Collectively, 657,200 student loan borrowers in Alabama owe $24.8 billion.
• The average federal loan borrower in Alabama has an outstanding balance of $37,735.85.

Student Financial Aid in Alaska

The average federal loan awarded to student borrowers in Alaska was $12,000.00 for the 2023-24 academic year.

• 7,700 Alaska college students received a total of $34.50 million in federal grants for the 2023-24 academic year.
• The average federal grant award to Alaska college students was $4,480.52 for ‘23-24.
• 8,500 Alaska college students took out $102.0 million in federal loans for ‘23-24.
• The State of Alaska awarded college students $20.061 million in financial aid for the 2022-23 academic year, down 7.54% from the previous year.
• Need-based grants represent 28.55% of state aid in Alaska; nongrant aid represents 32.46%.
• Alaska spent $47.033 million on need-based aid for ‘22-23, $59,000 more than the previous academic year.
• State funding for the ’22-23 academic year was equivalent to 0.031% of Alaska’s 2022 GDP.
• The State of Alaska spent an average of $815.45 per undergraduate student in 2021, up 8.54% from 2020.
• 21.0% of Alaska’s undergraduates receive federal student loans.
• Collectively, 67,400 student loan borrowers in Alaska owe $2.40 billion.
• The average federal loan borrower in Alaska has an outstanding balance of $35,608.31.

Student Financial Aid in Arizona

The average federal loan awarded to student borrowers in Arizona was $13,035.96 for the 2023-24 academic year.

• 130,600 Arizona college students received a total of $642.20 million in federal grants for the 2023-24 academic year.
• The average federal grant award to Arizona college students was $4,917.30 for ‘23-24.
• 116,800 Arizona college students took out $1.523 billion in federal loans for ‘23-24.
• The State of Arizona awarded college students $78.104 million in financial aid for the 2022-23 academic year, up 35.01% from the previous year.
• Need-based grants represent 99.51% of state aid in Arizona; nongrant aid represents 0.49%.
• Arizona spent $20.017 million more on need-based aid for ’22-23, $ than the previous academic year.
• State funding for the ‘22-23 academic year was equivalent to 0.016% of Arizona’s 2022 GDP.
• The State of Arizona spent an average of $122.33 per undergraduate student in 2021, down 1.96% from 2020.
• 33.5% of Arizona’s undergraduates receive federal student loans.
• Collectively, 914,400 student loan borrowers in Arizona owe $32.80 billion.
• The average federal loan borrower in Arizona has an outstanding balance of $35,870.52.

Student Financial Aid in Arkansas

The average federal loan awarded to student borrowers in Arkansas was $11,142.38 for the 2023-24 academic year.

• 62,700 Arkansas college students received a total of $320.90 million in federal grants for the 2023-24 academic year.
• The average federal grant award to Arkansas college students was $5,118.02 for ‘23-24.
• 60,400 Arkansas college students took out $673.0 million in federal loans for ‘23-24.
• The State of Arkansas awarded college students $108.130 million in financial aid for the 2022-23 academic year, 0.77% from the previous year.
• Need-based grants represent 0.16% of state aid in Arkansas; nongrant aid represents 4.10%.
• Arkansas spent $175,000 on need-based aid for ‘22-23, $13,000 less compared to the previous academic year.
• State funding for the ’22-23 academic year was equivalent to 0.065% of Arkansas’s 2022 GDP.
• The State of Arkansas spent an average of $1,307.09 per undergraduate student in 2021, up 3.53% from 2020.
• 33.0% of Arkansas’s undergraduates receive federal student loans.
• Collectively, 403,900 student loan borrowers in Arkansas owe $13.80 billion.
• The average federal loan borrower in Arkansas has an outstanding balance of $34,166.87.

Student Financial Aid in California

The average federal loan awarded to student borrowers in California was $16,134.84 for the 2023-24 academic year.

• 924,800 California college students received a total of $4.582 billion in federal grants for the 2023-24 academic year.
• The average federal grant award to California college students was $4,955.02 for ‘23-24.
• 577,000 California college students took out $9.310 billion in federal loans for ‘23-24.
• The State of California awarded college students $2.935 billion in financial aid for the 2022-23 academic year, up 22.5% from the previous year.
• Need-based grants represent 95.3% of state aid in California; nongrant aid represents 0.06%.
• California spent $2.797 billion on need-based aid for ‘22-23, $458.5 million more compared to the previous academic year.
• State funding for the ’22-23 academic year was equivalent to 0.081% of California’s 2022 GDP.
• The State of California spent an average of $2,131.15 per undergraduate student in 2021, down 1.29% from 2020.
• 15.7% of California’s undergraduates receive federal student loans.
• Collectively, 3.949 million federal student loan borrowers in California owe $151.40 billion.
• The average federal loan borrower in California has an outstanding balance of $38,334.94.

Student Financial Aid in Colorado

The average federal loan awarded to student borrowers in Colorado was $13,151.66 for the 2023-24 academic year.

• 82,900 Colorado college students received a total of $400.10 million in federal grants for the 2023-24 academic year.
• The average federal grant award to Colorado college students was $4,826.30 for ‘23-24.
• 105,500 Colorado college students took out $1.388 billion in federal loans for ‘23-24.
• The State of Colorado awarded college students $244.208 million in financial aid for the 2022-23 academic year, 8.89% from the previous year.
• Need-based grants represent 83.3% of state aid in Colorado; nongrant aid represents 16.04%.
• Colorado spent $203.399 million on need-based aid for ’22-23, $20.204 million more compared to the previous academic year.
• State funding for the ’22-23 academic year was equivalent to 0.050% of Colorado’s 2022 GDP.
• The State of Colorado spent an average of $629.99 per undergraduate student in 2021, up 5.05% from 2020.
• 29.3% of Colorado’s undergraduates receive federal student loans.
• Collectively, 781,700 federal student loan borrowers in Colorado owe $29.30 billion.
• The average federal loan borrower in Colorado has an outstanding balance of $37,482.41.

Student Financial Aid in Connecticut

The average federal loan awarded to student borrowers in Connecticut was $13,573.66 for the 2023-24 academic year.

• 62,300 Connecticut college students received a total of $294.0 million in federal grants for the 2023-24 academic year.
• The average federal grant award to Connecticut college students was $4,719.10 for ‘23-24.
• 89,600 Connecticut college students took out $1.216 billion in federal loans for ‘23-24.
• The State of Connecticut awarded college students $191.675 million in financial aid for the 2022-23 academic year, up 9.50% from the previous year.
• Need-based grants represent 17.0% of state aid in Connecticut; nongrant aid represents 74.0%.
• Connecticut spent $32.489 million on need-based aid for ’22-23, $ than the previous academic year.
• State funding for the ’22-23 academic year was equivalent to 0.060% of Connecticut’s 2022 GDP.
• The State of Connecticut spent an average of $300.06 per undergraduate student in 2021, down 2.16% from 2020.
• 41.5% of Connecticut’s undergraduates receive federal student loans.
• Collectively, 517,200 federal student loan borrowers in Connecticut owe $19.10 billion.
• The average federal loan borrower in Connecticut has an outstanding balance of $36,929.62.

Student Financial Aid in Delaware

The average federal loan awarded to student borrowers in Delaware was $12,534.88 for the 2023-24 academic year.

• 17,300 Delaware college students received a total of $80.70 million in federal grants for the 2023-24 academic year.
• The average federal grant award to Delaware college students was $4,664.74 for ‘23-24.
• 21,500 Delaware college students took out $269.5 million in federal loans for ‘23-24.
• The State of Delaware awarded college students $40.694 million in financial aid for the 2022-23 academic year, up 18.16% from the previous year.
• Need-based grants represent 46.26% of state aid in Delaware; nongrant aid represents 0.02%.
• Delaware spent $18.825 million on need-based aid for ’22-23, $2.428 million more than the previous academic year.
• State funding for the ’22-23 academic year was equivalent to 0.045% of Delaware’s 2022 GDP.
• The State of Delaware spent an average of $487.70 per undergraduate student in 2021, 1.90% from 2020.
• 38.9% of Delaware’s undergraduates receive federal student loans.
• Collectively, 135,500 federal student loan borrowers in Delaware owe $5.30 billion.
• The average federal loan borrower in Delaware has an outstanding balance of $39,114.39.

Student Financial Aid in the District of Columbia

The average federal loan awarded to student borrowers in D.C. was $19,911.29 for the 2023-24 academic year.

• 8,800 D.C. college students received a total of $45.70 million in federal grants for the 2023-24 academic year.
• The average federal grant award to D.C. college students was $5,193.18 for ‘23-24.
•  D.C. college students took out $246.9 million in federal loans for ‘23-24.
• The State of D.C. awarded college students $33.353 million in financial aid for the 2022-23 academic year, up 11.0% from the previous year.
• Need-based grants represent 13.26% of state aid in D.C.
• D.C. spent $4.423 million on need-based aid for ’22-23, $2.871 million more than compared to the previous academic year.
• State funding for the ’22-23 academic year was equivalent to 0.020% of D.C.’s 2022 GDP.
• The State of D.C. spent an average of $564.82 per undergraduate student in 2021, down 8.51% from 2020.
• 32.6% of D.C.’s undergraduates receive federal student loans.
• Collectively, 117,500 federal student loan borrowers in D.C. owe $6.40 billion.
• The average federal loan borrower in D.C. has an outstanding balance of $54,468.09.

Student Financial Aid in Florida

The average federal loan awarded to student borrowers in Florida was $14,027.67 for the 2023-24 academic year.

• 453,700 Florida college students received a total of $2.301 billion in federal grants for the 2023-24 academic year.
• The average federal grant award to Florida college students was $5,071.85 for ‘23-24.
• 375,800 Florida college students took out $5.272 billion in federal loans for ‘23-24.
• The State of Florida awarded college students $1.034 million in financial aid for the 2022-23 academic year, down 3.11% from the previous year.
• Need-based grants represent 28.42% of state aid in Florida; nongrant aid represents 6.97%.
• Florida spent $293.854 million on need-based aid for ’22-23, $ than the previous academic year.
• State funding for the ’22-23 academic year was equivalent to 0.072% of Florida’s 2022 GDP.
• The State of Florida spent an average of $1,182.71 per undergraduate student in 2021, 6.86% from 2020.
• 27.1% of Florida’s undergraduates receive federal student loans.
• Collectively, 2.719 federal student loan borrowers in Florida owe $107.50 billion.
• The average federal loan borrower in Florida has an outstanding balance of $39,533.69.

Student Financial Aid in Georgia

The average federal loan awarded to student borrowers in Georgia was $12,315.23 for the 2023-24 academic year.

• 271,700 Georgia college students received a total of $1.385 billion in federal grants for the 2023-24 academic year.
• The average federal grant award to Georgia college students was $5,098.27 for ‘23-24.
• 263,300 Georgia college students took out $3.243 billion in federal loans for ‘23-24.
• The State of Georgia awarded college students $973.251 million in financial aid for the 2022-23 academic year, up 3.08% from the previous year.
• Need-based grants represent 0.85% of state aid in Georgia; nongrant aid represents 2.66%.
• Georgia spent $8.319 million on need-based aid for ’22-23, $7.568 million more than the previous academic year.
• State funding for the ’22-23 academic year was equivalent to 0.127% of Georgia’s 2022 GDP.
• The State of Georgia spent an average of $2,737.29 per undergraduate student in 2021, 2.74% from 2020.
• 30.3% of Georgia’s undergraduates receive federal student loans.
• Collectively, 1.696 million federal student loan borrowers in Georgia owe $71.50 billion.
• The average federal loan borrower in Georgia has an outstanding balance of $42,148.08.

Student Financial Aid in Hawaii

The average federal loan awarded to student borrowers in Hawaii was $15,122.91 for the 2023-24 academic year.

• 18,600 Hawaii college students received a total of $88.80 million in federal grants for the 2023-24 academic year.
• The average federal grant award to Hawaii college students was $4,774.19 for ‘23-24.
• 17,900 Hawaii college students took out $270.70 million in federal loans for ‘23-24.
• The State of Hawaii awarded college students $7.132 million in financial aid for the 2022-23 academic year, down 13.33% from the previous year.
• Need-based grants represent 95.34% of state aid in Hawaii; nongrant aid represents 4.66%.
• Hawaii spent $6.80 million on need-based aid for ’22-23, $1.084 less than the previous academic year.
• State funding for the ’22-23 academic year was equivalent to 0.007% of Hawaii’s 2022 GDP.
• The State of Hawaii spent an average of $189.65 per undergraduate student in 2021, up 8.21% from 2020.
• 16.6% of Hawaii’s undergraduates receive federal student loans.
• Collectively, 123,400 federal student loan borrowers in Hawaii owe $4.80 billion.
• The average federal loan borrower in Hawaii has an outstanding balance of $38,897.89.

Student Financial Aid in Idaho

The average federal loan awarded to student borrowers in Idaho was $10,792.21 for the 2023-24 academic year.

• 31,700 Idaho college students received a total of $155.70 million in federal grants for the 2023-24 academic year.
• The average federal grant award to Idaho college students was $4,911.67 for ‘23-24.
• 30,800 Idaho college students took out $332.40 billion in federal loans for ‘23-24.
• The State of Idaho awarded college students $21.598 million in financial aid for the 2022-23 academic year, up 0.96% from the previous year.
• Need-based grants represent 94.21% of state aid in Idaho; nongrant aid represents 4.40%.
• Idaho spent $20.347 million on need-based aid for ’22-23, $235,000 more than the previous academic year.
• State funding for the ’22-23 academic year was equivalent to 0.019% of Idaho’s 2022 GDP.
• The State of Idaho spent an average of $204.42 per undergraduate student in 2021, down 6.45% from 2020.
• 20.7% of Idaho’s undergraduates receive federal student loans.
• Collectively, 219,900 federal student loan borrowers in Idaho owe $7.30 billion.
• The average federal loan borrower in Idaho has an outstanding balance of $33,196.91.

Student Financial Aid in Illinois

The average federal loan awarded to student borrowers in Illinois was $14,153.22 for the 2023-24 academic year.

• 225,500 Illinois college students received a total of $1.114 billion in federal grants for the 2023-24 academic year.
• The average federal grant award to Illinois college students was $4,937.92 for ‘23-24.
• 246,700 Illinois college students took out $3.492 billion in federal loans for ‘23-24.
• The State of Illinois awarded college students $608.899 million in financial aid for the 2022-23 academic year, up 28.46% from the previous year.
• Need-based grants represent 98.2% of state aid in Illinois; nongrant aid represents 1.62%.
• Illinois spent $598.017 million on need-based aid for ’22-23, $130.204 million more than the previous academic year.
• State funding for the ’22-23 academic year was equivalent to 0.059% of Illinois’s 2022 GDP.
• The State of Illinois spent an average of $1,544.53 per undergraduate student in 2021, up 0.06% from 2020.
• 28.5% of Illinois’s undergraduates receive federal student loans.
• Collectively, 1.623 million federal student loan borrowers in Illinois owe $63.40 billion.
• The average federal loan borrower in Illinois has an outstanding balance of $39,053.84.

Student Financial Aid in Indiana

The average federal loan awarded to student borrowers in Indiana was $11,342.88 for the 2023-24 academic year.

• 109,200 Indiana college students received a total of $526.20 million in federal grants for the 2023-24 academic year.
• The average federal grant award to Indiana college students was $4,818.68 for ‘23-24.
• 122,200 Indiana college students took out $1.386 billion in federal loans for ‘23-24.
• The State of Indiana awarded college students $325.853 million in financial aid for the 2022-23 academic year, down 1.45% from the previous year.
• Need-based grants represent 83.55% of state aid in Indiana; nongrant aid represents 12.2%.
• Indiana spent $272.255 million on need-based aid for ’22-23, $7.474 million less than the previous academic year.
• State funding for the ’22-23 academic year was equivalent to 0.069% of Indiana’s 2022 GDP.
• The State of Indiana spent an average of $1,179.42 per undergraduate student in 2021, down 0.25% from 2020.
• 20.7% of Indiana’s undergraduates receive federal student loans.
• Collectively, 904,900 federal student loan borrowers in Indiana owe $30.10 billion.
• The average federal loan borrower in Indiana has an outstanding balance of $33,263.34.

Student Financial Aid in Iowa

The average federal loan awarded to student borrowers in Iowa was $10,916.92 for the 2023-24 academic year.

• 45,100 Iowa college students received a total of $212.50 million in federal grants for the 2023-24 academic year.
• The average federal grant award to Iowa college students was $4,711.75 for ‘23-24.
• 65,000 Iowa college students took out $709.60 million in federal loans for ‘23-24.
• The State of Iowa awarded college students $93.015 million in financial aid for the 2022-23 academic year, up 4.86% from the previous year.
• Need-based grants represent 64.7% of state aid in Iowa; nongrant aid represents 32.67%.
• Iowa spent $60.168 million on need-based aid for ’22-23, $726,000 more than the previous academic year.
• State funding for the ’22-23 academic year was equivalent to 0.039% of Iowa’s 2022 GDP.
• The State of Iowa spent an average of $870.57 per undergraduate student in 2021, up 9.41% from 2020.
• 28.5% of Iowa’s undergraduates receive federal student loans.
• Collectively, 430,000 federal student loan borrowers in Iowa owe $13.30 billion.
• The average federal loan borrower in Iowa has an outstanding balance of $30,930.23.

Student Financial Aid in Kansas

The average federal loan awarded to student borrowers in Kansas was $11,602.52 for the 2023-24 academic year.

• 47,200 Kansas college students received a total of $229.0 million in federal grants for the 2023-24 academic year.
• The average federal grant award to Kansas college students was $4,851.69 for ‘23-24.
• 55,600 Kansas college students took out $645.10 million in federal loans for ‘23-24.
• The State of Kansas awarded college students $53.636 million in financial aid for the 2022-23 academic year, up 44.67% from the previous year.
• Need-based grants represent 68.44% of state aid in Kansas; nongrant aid represents 31.5%.
• Kansas spent $36.709 million on need-based aid for ’22-23, $10.984 million more than the previous academic year.
• State funding for the ’22-23 academic year was equivalent to 0.026% of Kansas’s 2022 GDP.
• The State of Kansas spent an average of $190.35 per undergraduate student in 2021, down 1.07% from 2020.
• 29.0% of Kansas’s undergraduates receive federal student loans.
• Collectively, 384,600 federal student loan borrowers in Kansas owe $12.80 billion.
• The average federal loan borrower in Kansas has an outstanding balance of $33,281.33.

Student Financial Aid in Kentucky

The average federal loan awarded to student borrowers in Kentucky was $11,267.18 for the 2023-24 academic year.

• 93,900 Kentucky college students received a total of $460.90 million in federal grants for the 2023-24 academic year.
• The average federal grant award to Kentucky college students was $4,908.41 for ‘23-24.
• 90,200 Kentucky college students took out $1.016 billion in federal loans for ‘23-24.
• The State of Kentucky awarded college students $368.09 million in financial aid for the 2022-23 academic year, 26.24% from the previous year.
• Need-based grants represent 56.1% of state aid in Kentucky; nongrant aid represents 0.21%.
• Kentucky spent $206.494 million on need-based aid for ’22-23, $66.038 million more than the previous academic year.
• State funding for the ’22-23 academic year was equivalent to 0.142% of Kentucky’s 2022 GDP.
• The State of Kentucky spent an average of $2,100.03 per undergraduate student in 2021, up 2.87% from 2020.
• 29.9% of Kentucky’s undergraduates receive federal student loans.
• Collectively, 611,700 federal student loan borrowers in Kentucky owe $20.70 billion.
• The average federal loan borrower in Kentucky has an outstanding balance of $33,840.12.

Student Financial Aid in Louisiana

The average federal loan awarded to student borrowers in Louisiana was $11,190.99 for the 2023-24 academic year.

• 116,600 Louisiana college students received a total of $606.00 million in federal grants for the 2023-24 academic year.
• The average federal grant award to Louisiana college students was $5,197.26 for ‘23-24.
• 119,900 Louisiana college students took out $1.342 billion in federal loans for ‘23-24.
• The State of Louisiana awarded college students $345.786 million in financial aid for the 2022-23 academic year, down 1.48% from the previous year.
• Need-based grants represent 16.01% of state aid in Louisiana; nongrant aid represents 0.19%.
• Louisiana spent $55.35 million on need-based aid for ’22-23, $14.911 more than the previous academic year.
• State funding for the ’22-23 academic year was equivalent to 0.146% of Louisiana’s 2022 GDP.
• The State of Louisiana spent an average of $2,477.45 per undergraduate student in 2021, up 5.64% from 2020.
• 40.2% of Louisiana’s undergraduates receive federal student loans.
• Collectively, 678,100 federal student loan borrowers in Louisiana owe $23.70 billion.
• The average federal loan borrower in Louisiana has an outstanding balance of $34,950.60.

Student Financial Aid in Maine

The average federal loan awarded to student borrowers in Maine was $11,746.94 for the 2023-24 academic year.

• 19,300 Maine college students received a total of $90.10 million in federal grants for the 2023-24 academic year.
• The average federal grant award to Maine college students was $4,668.39 for ‘23-24.
• 24,500 Maine college students took out $287.80 billion in federal loans for ‘23-24.
• The State of Maine awarded college students $28.615 million in financial aid for the 2022-23 academic year, down 1.67% from the previous year.
• Need-based grants represent 91.22% of state aid in Maine; nongrant aid represents 6.20%.
• Maine spent $26.104 million on need-based aid for ’22-23, $384,000 less than the previous academic year.
• State funding for the ’22-23 academic year was equivalent to 0.033% of Maine’s 2022 GDP.
• The State of Maine spent an average of $359.29 per undergraduate student in 2021, up 3.62% from 2020.
• 32.7% of Maine’s undergraduates receive federal student loans.
• Collectively, 188,800 federal student loan borrowers in Maine owe $6.50 billion.
• The average federal loan borrower in Maine has an outstanding balance of $34,427.97.

Student Financial Aid in Maryland

The average federal loan awarded to student borrowers in Maryland was $14,689.79 for the 2023-24 academic year.

• 101,700 Maryland college students received a total of $492.30 million in federal grants for the 2023-24 academic year.
• The average federal grant award to Maryland college students was $4,840.71 for ‘23-24.
• 125,400 Maryland college students took out $1.842 billion in federal loans for ‘23-24.
• The State of Maryland awarded college students $141.014 million in financial aid for the 2022-23 academic year, up 14.43% from the previous year.
• Need-based grants represent 89.9% of state aid in Maryland; nongrant aid represents 0.89%.
• Maryland spent $126.752 million on need-based aid for ’22-23, $12.663 million more than the previous academic year.
• State funding for the ’22-23 academic year was equivalent to 0.029% of Maryland’s 2022 GDP.
• The State of Maryland spent an average of $664.17 per undergraduate student in 2021, up 0.40% from 2020.
• 25.0% of Maryland’s undergraduates receive federal student loans.
• Collectively, 845,200 federal student loan borrowers in Maryland owe $37.10 billion.
• The average federal loan borrower in Maryland has an outstanding balance of $43,894.94.

Student Financial Aid in Massachusetts

The average federal loan awarded to student borrowers in Massachusetts was $13,059.49 for the 2023-24 academic year.

• 93,900 Massachusetts college students received a total of $442.10 million in federal grants for the 2023-24 academic year.
• The average federal grant award to Massachusetts college students was $4,708.20 for ‘23-24.
• 159,700 Massachusetts college students took out $2.086 billion in federal loans for ‘23-24.
• The State of Massachusetts awarded college students $210.974 million in financial aid for the 2022-23 academic year, up 20.73% from the previous year.
• Need-based grants represent 78.37% of state aid in Massachusetts; nongrant aid represents 19.64%.
• Massachusetts spent $165.349 million on need-based aid for ’22-23, $33.688 million less than the previous academic year.
• State funding for the ’22-23 academic year was equivalent to 0.031% of Massachusetts’s 2022 GDP.
• The State of Massachusetts spent an average of $444.88 per undergraduate student in 2021, up 9.67% from 2020.
• 38.3% of Massachusetts’s undergraduates receive federal student loans.
• Collectively, 917,500 federal student loan borrowers in Massachusetts owe $32.70 billion.
• The average federal loan borrower in Massachusetts has an outstanding balance of $35,640.33.

Student Financial Aid in Michigan

The average federal loan awarded to student borrowers in Michigan was $12,985.17 for the 2023-24 academic year.

• 167,700 Michigan college students received a total of $802.40 million in federal grants for the 2023-24 academic year.
• The average federal grant award to Michigan college students was $4,784.73 for ‘23-24.
• 195,500 Michigan college students took out $2.539 billion in federal loans for ‘23-24.
• The State of Michigan awarded college students $161.618 million in financial aid for the 2022-23 academic year, up 38.24% from the previous year.
• Need-based grants represent 79.28% of state aid in Michigan; nongrant aid represents 15.71%.
• Michigan spent $128.124 million on need-based aid for ’22-23, $12.269 more than the previous academic year.
• State funding for the ’22-23 academic year was equivalent to 0.026% of Michigan’s 2022 GDP.
• The State of Michigan spent an average of $424.88 per undergraduate student in 2021, down 9.16% from 2020.
• 32.3% of Michigan’s undergraduates receive federal student loans.
• Collectively, 1.394 million federal student loan borrowers in Michigan owe $51.60 billion.
• The average federal loan borrower in Michigan has an outstanding balance of $37,010.47.

Student Financial Aid in Minnesota

The average federal loan awarded to student borrowers in Minnesota was $11,326.63 for the 2023-24 academic year.

• 83,300 Minnesota college students received a total of $386.80 million in federal grants for the 2023-24 academic year.
• The average federal grant award to Minnesota college students was $4,643.46 for ‘23-24.
• 124,300 Minnesota college students took out $1.408 billion in federal loans for ‘23-24.
• The State of Minnesota awarded college students $298.577 million in financial aid for the 2022-23 academic year, up 5.53% from the previous year.
• Need-based grants represent 76.13% of state aid in Minnesota; nongrant aid represents 23.12%.
• Minnesota spent $227.302 million on need-based aid for ’22-23, $14.656 million more than the previous academic year.
• State funding for the ’22-23 academic year was equivalent to 0.067% of Minnesota’s 2022 GDP.
• The State of Minnesota spent an average of $1,241.30 per undergraduate student in 2021, up 0.67% from 2020.
• 33.2% of Minnesota’s undergraduates receive federal student loans.
• Collectively, 788,500 federal student loan borrowers in Minnesota owe $27.00 billion.
• The average federal loan borrower in Minnesota has an outstanding balance of $34,242.23.

Student Financial Aid in Mississippi

The average federal loan awarded to student borrowers in Mississippi was $11,791.55 for the 2023-24 academic year.

• 73,800 Mississippi college students received a total of $405.40 million in federal grants for the 2023-24 academic year.
• The average federal grant award to Mississippi college students was $5,493.22 for ‘23-24.
• 68,600 Mississippi college students took out $808.90 million in federal loans for ‘23-24.
• The State of Mississippi awarded college students $50.255 million in financial aid for the 2022-23 academic year, up 9.10% from the previous year.
• Need-based grants represent 60.04% of state aid in Mississippi; nongrant aid represents 23.12%.
• Mississippi spent $30.173 million on need-based aid for ’22-23, $2.486 million less than the previous academic year.
• State funding for the ’22-23 academic year was equivalent to 0.036% of Mississippi’s 2022 GDP.
• The State of Mississippi spent an average of $640.10 per undergraduate student in 2021, up 2.46% from 2020.
• 31.8% of Mississippi’s undergraduates receive federal student loans.
• Collectively, 448,600 federal student loan borrowers in Mississippi owe $16.90 billion.
• The average federal loan borrower in Mississippi has an outstanding balance of $37,672.76.

Student Financial Aid in Missouri

The average federal loan awarded to student borrowers in Missouri was $12,221.52 for the 2023-24 academic year.

• 97,700 Missouri college students received a total of $473.30 million in federal grants for the 2023-24 academic year.
• The average federal grant award to Missouri college students was $4,844.42 for ‘23-24.
• 110,600 Missouri college students took out $1.352 billion in federal loans for ‘23-24.
• The State of Missouri awarded college students $149.359 million in financial aid for the 2022-23 academic year, up 6.99% from the previous year.
• Need-based grants represent 50.65% of state aid in Missouri.
• Missouri spent $75.647 million on need-based aid for ’22-23, $6.635 million more than the previous academic year.
• State funding for the ’22-23 academic year was equivalent to 0.038% of Missouri’s 2022 GDP.
• The State of Missouri spent an average of $693.91 per undergraduate student in 2021, down 0.98% from 2020.
• 29.8% of Missouri’s undergraduates receive federal student loans.
• Collectively, 832,700 federal student loan borrowers in Missouri owe $29.80 billion.
• The average federal loan borrower in Missouri has an outstanding balance of $35,787.20.

Student Financial Aid in Montana

The average federal loan awarded to student borrowers in Montana was $11,537.57 for the 2023-24 academic year.

• 13,300 Montana college students received a total of $65.90 million in federal grants for the 2023-24 academic year.
• The average federal grant award to Montana college students was $4,954.89 for ‘23-24.
• 17,300 Montana college students took out $199.60 million in federal loans for ‘23-24.
• The State of Montana awarded college students $1.553 million in financial aid for the 2022-23 academic year, equivalent to the previous year’s awards.
• Need-based grants represent 47.46% of state aid in Montana; nongrant aid represents 52.54%.
• Montana spent $737,000 on need-based aid for ’22-23, equivalent to the previous academic year.
• State funding for the ’22-23 academic year was equivalent to 0.002% of Montana’s 2022 GDP.
• The State of Montana spent an average of $22.17 per undergraduate student in 2021, up 67.2% from 2020.
• 31.1% of Montana’s undergraduates receive federal student loans.
• Collectively, 128,500 federal student loan borrowers in Montana owe $4.40 billion.
• The average federal loan borrower in Montana has an outstanding balance of $34,241.25.

Student Financial Aid in Nebraska

The average federal loan awarded to student borrowers in Nebraska was $12,212.94 for the 2023-24 academic year.

• 31,000 Nebraska college students received a total of $148.90 million in federal grants for the 2023-24 academic year.
• The average federal grant award to Nebraska college students was $4,803.23 for ‘23-24.
• 37,100 Nebraska college students took out $453.10 million in federal loans for ‘23-24.
• The State of Nebraska awarded college students $45.224 million in financial aid for the 2022-23 academic year, up 27.3% from the previous year.
• Need-based grants represent 63.0% of state aid in Nebraska; nongrant aid represents 8.28%.
• Nebraska spent $28.478 million on need-based aid for ’22-23, $2.910 million more than the previous academic year.
• State funding for the ’22-23 academic year was equivalent to 0.027% of Nebraska’s 2022 GDP.
• The State of Nebraska spent an average of $398.08 per undergraduate student in 2021, up 28.2% from 2020.
• 29.2% of Nebraska’s undergraduates receive federal student loans.
• Collectively, 248,900 federal student loan borrowers in Nebraska owe $8.10 billion.
• The average federal loan borrower in Nebraska has an outstanding balance of $32,543.19.

Student Financial Aid in Nevada

The average federal loan awarded to student borrowers in Nevada was $12,446.00 for the 2023-24 academic year.

• 55,400 Nevada college students received a total of $265.30 million in federal grants for the 2023-24 academic year.
• The average federal grant award to Nevada college students was $4,788.81 for ‘23-24.
• 50,000 Nevada college students took out $622.30 million in federal loans for ‘23-24.
• The State of Nevada awarded college students $81.754 million in financial aid for the 2022-23 academic year, up 7.22% from the previous year.
• Need-based grants represent 27.3% of state aid in Nevada; nongrant aid represents 24.74%.
• Nevada spent $22.324 million on need-based aid for ’22-23, $7.540 million more than the previous academic year.
• State funding for the ’22-23 academic year was equivalent to 0.037% of Nevada’s 2022 GDP.
• The State of Nevada spent an average of $600.62 per undergraduate student in 2021, up 10.14% from 2020.
• 24.4% of Nevada’s undergraduates receive federal student loans.
• Collectively, 363,300 federal student loan borrowers in Nevada owe $12.60 billion.
• The average federal loan borrower in Nevada has an outstanding balance of $34,682.08.

Student Financial Aid in New Hampshire

The average federal loan awarded to student borrowers in New Hampshire was $11,941.38 for the 2023-24 academic year.

• 13,300 New Hampshire college students received a total of $59.20 million in federal grants for the 2023-24 academic year.
• The average federal grant award to New Hampshire college students was $4,451.13 for ‘23-24.
• 29,000 New Hampshire college students took out $346.30 million in federal loans for ‘23-24.
• The State of New Hampshire awarded college students $3.876 million in financial aid for the 2022-23 academic year, up 26.05% from the previous year.
• Need-based grants represent 59.24% of state aid in New Hampshire.
• New Hampshire spent $2.296 million on need-based aid for ’22-23, $208,000 more than the previous academic year.
• State funding for the ’22-23 academic year was equivalent to 0.004% of New Hampshire’s 2022 GDP.
• The State of New Hampshire spent an average of $16.84 per undergraduate student in 2021, up 24.28% from 2020.
• 57.0% of New Hampshire’s undergraduates receive federal student loans.
• Collectively, 192,200 federal student loan borrowers in New Hampshire owe $6.80 billion.
• The average federal loan borrower in New Hampshire has an outstanding balance of $35,379.81.

Student Financial Aid in New Jersey

The average federal loan awarded to student borrowers in New Jersey was $14,447.46 for the 2023-24 academic year.

• 170,600 New Jersey college students received a total of $894.00 million in federal grants for the 2023-24 academic year.
• The average federal grant award to New Jersey college students was $5,240.33 for ‘23-24.
• 210,300 New Jersey college students took out $3.038 billion in federal loans for ‘23-24.
• The State of New Jersey awarded college students $652.453 million in financial aid for the 2022-23 academic year, up 3.60% from the previous year.
• Need-based grants represent 74.49% of state aid in New Jersey; nongrant aid represents 1.11%.
• New Jersey spent $485.986 million on need-based aid for ’22-23, $8.169 million more than the previous academic year.
• State funding for the ’22-23 academic year was equivalent to 0.086% of New Jersey’s 2022 GDP.
• The State of New Jersey spent an average of $2,528.75 per undergraduate student in 2021, up 4.68% from 2020.
• 32.5% of New Jersey’s undergraduates receive federal student loans.
• Collectively, 1.234 million federal student loan borrowers in New Jersey owe $46.20 billion.
• The average federal loan borrower in New Jersey has an outstanding balance of $37,427.09.

Student Financial Aid in New Mexico

The average federal loan awarded to student borrowers in New Mexico was $11,626.46 for the 2023-24 academic year.

• 42,100 New Mexico college students received a total of $204.10 million in federal grants for the 2023-24 academic year.
• The average federal grant award to New Mexico college students was $4,847.98 for ‘23-24.
• 25,700 New Mexico college students took out $298.80 million in federal loans for ‘23-24.
• The State of New Mexico awarded college students $258.602 million in financial aid for the 2022-23 academic year, up 108.04% from the previous year.
• Need-based grants represent 6.83% of state aid in New Mexico; nongrant aid represents 5.97%.
• New Mexico spent $17.662 million on need-based aid for ’22-23, $2.069 million less than the previous academic year.
• State funding for the ’22-23 academic year was equivalent to 0.206% of New Mexico’s 2022 GDP.
• The State of New Mexico spent an average of $2,013.91 per undergraduate student in 2021, up 2.47% from 2020.
• 18.1% of New Mexico’s undergraduates receive federal student loans.
• Collectively, 227,300 federal student loan borrowers in New Mexico owe $7.80 billion.
• The average federal loan borrower in New Mexico has an outstanding balance of $34,315.88.

Student Financial Aid in New York

The average federal loan awarded to student borrowers in New York was $14,974.52 for the 2023-24 academic year.

• 384,900 New York college students received a total of $2.093 billion in federal grants for the 2023-24 academic year.
• The average federal grant award to New York college students was $5,437.00 for ‘23-24.
• 384,600 New York college students took out $5.759 billion in federal loans for ‘23-24.
• The State of New York awarded college students $1.049 billion in financial aid for the 2022-23 academic year, up 4.66% from the previous year.
• Need-based grants represent 63.9% of state aid in New York; nongrant aid represents 32.6%.
• New York spent $670.295 million on need-based aid for ’22-23, $59.207 million less than the previous academic year.
• State funding for the ’22-23 academic year was equivalent to 0.051% of New York’s 2022 GDP.
• The State of New York spent an average of $1,139.28 per undergraduate student in 2021, down 13.9% from 2020.
• 30.3% of New York’s undergraduates receive federal student loans.
• Collectively, 2.277 million federal student loan borrowers in New York owe $96.30 billion.
• The average federal loan borrower in New York has an outstanding balance of $38,883.95.

Student Financial Aid in North Carolina

The average federal loan awarded to student borrowers in North Carolina was $12,340.59 for the 2023-24 academic year.

• 211,500 North Carolina college students received a total of $1.051 billion in federal grants for the 2023-24 academic year.
• The average federal grant award to North Carolina college students was $4,968.32 for ‘23-24.
• 197,600 North Carolina college students took out $2.439 billion in federal loans for ‘23-24.
• The State of North Carolina awarded college students $272.975 million in financial aid for the 2022-23 academic year, down 3.46% from the previous year.
• Need-based grants represent 88.6% of state aid in North Carolina; nongrant aid represents 9.26%.
• North Carolina spent $241.843 million on need-based aid for ’22-23, $13.699 million less than the previous academic year.
• State funding for the ’22-23 academic year was equivalent to 0.038% of North Carolina’s 2022 GDP.
• The State of North Carolina spent an average of $1,210.46 per undergraduate student in 2021, down 0.68% from 2020.
• 25.5% of North Carolina’s undergraduates receive federal student loans.
• Collectively, 1.3725 million federal student loan borrowers in North Carolina owe $53.30 billion.
• The average federal loan borrower in North Carolina has an outstanding balance of $38,834.24.

Student Financial Aid in North Dakota

The average federal loan awarded to student borrowers in North Dakota was $10,193.55 for the 2023-24 academic year.

• 9,500 North Dakota college students received a total of $46.10 million in federal grants for the 2023-24 academic year.
• The average federal grant award to North Dakota college students was $4,852.63 for ‘23-24.
• 15,500 North Dakota college students took out $158.00 billion in federal loans for ‘23-24.
• The State of North Dakota awarded college students $24.716 million in financial aid for the 2022-23 academic year, up 0.75% from the previous year.
• Need-based grants represent 49.63% of state aid in North Dakota; nongrant aid represents 4.57%.
• North Dakota spent $12.266 million on need-based aid for ’22-23, $225,000 less than the previous academic year.
• State funding for the ’22-23 academic year was equivalent to 0.034% of North Dakota’s 2022 GDP.
• The State of North Dakota spent an average of $570.59 per undergraduate student in 2021, up 2.40% from 2020.
• 39.2% of North Dakota’s undergraduates receive federal student loans.
• Collectively, 89,200 federal student loan borrowers in North Dakota owe $2.60 billion.
• The average federal loan borrower in North Dakota has an outstanding balance of $29,147,98.

Student Financial Aid in Ohio

The average federal loan awarded to student borrowers in Ohio was $11,541.79 for the 2023-24 academic year.

• 186,300 Ohio college students received a total of $895.60 million in federal grants for the 2023-24 academic year.
• The average federal grant award to Ohio college students was $4,807.30 for ‘23-24.
• 240,500 Ohio college students took out $2.776 billion in federal loans for ‘23-24.
• The State of Ohio awarded college students $169.399 million in financial aid for the 2022-23 academic year, up 12.20% from the previous year.
• Need-based grants represent 66.83% of state aid in Ohio; nongrant aid represents 2.90%.
• Ohio spent $113.212 million on need-based aid for ’22-23, $8.905 more than the previous academic year.
• State funding for the ’22-23 academic year was equivalent to 0.021% of Ohio’s 2022 GDP.
• The State of Ohio spent an average of $361.19 per undergraduate student in 2021, up 7.86% from 2020.
• 34.1% of Ohio’s undergraduates receive federal student loans.
• Collectively, 1.786 million federal student loan borrowers in Ohio owe $ billion.
• The average federal loan borrower in Ohio has an outstanding balance of $35,056.28.

Student Financial Aid in Oklahoma

The average federal loan awarded to student borrowers in Oklahoma was $11,332.86 for the 2023-24 academic year.

• 76,100 Oklahoma college students received a total of $374.00 million in federal grants for the 2023-24 academic year.
• The average federal grant award to Oklahoma college students was $4,914.59 for ‘23-24.
• 70,600 Oklahoma college students took out $800.10 billion in federal loans for ‘23-24.
• The State of Oklahoma awarded college students $118.992 million in financial aid for the 2022-23 academic year, up 12.02% from the previous year.
• Need-based grants represent 68.5% of state aid in Oklahoma; nongrant aid represents 16.87%.
• Oklahoma spent $81.518 million on need-based aid for ’22-23, $1.649 million more than the previous academic year.
• State funding for the ’22-23 academic year was equivalent to 0.049% of Oklahoma’s 2022 GDP.
• The State of Oklahoma spent an average of $838.55 per undergraduate student in 2021, down 1.75% from 2020.
• 28.1% of Oklahoma’s undergraduates receive federal student loans.
• Collectively, 504,900 federal student loan borrowers in Oklahoma owe $16.30 billion.
• The average federal loan borrower in Oklahoma has an outstanding balance of $32,283.62.

Student Financial Aid in Oregon

The average federal loan awarded to student borrowers in Oregon was $12,753.87 for the 2023-24 academic year.

• 61,500 Oregon college students received a total of $284.50 million in federal grants for the 2023-24 academic year.
• The average federal grant award to Oregon college students was $4,626.02 for ‘23-24.
• 64,600 Oregon college students took out $823.90 million in federal loans for ‘23-24.
• The State of Oregon awarded college students $259.136 million in financial aid for the 2022-23 academic year, up 21.60% from the previous year.
• Need-based grants represent 46.9% of state aid in Oregon; nongrant aid represents 48.5%.
• Oregon spent $121.565 million on need-based aid for ’22-23, $17.768 million more than the previous academic year.
• State funding for the ’22-23 academic year was equivalent to 0.087% of Oregon’s 2022 GDP.
• The State of Oregon spent an average of $929.81 per undergraduate student in 2021, down 4.20% from 2020.
• 32.4% of Oregon’s undergraduates receive federal student loans.
• Collectively, 531,200 federal student loan borrowers in Oregon owe $20.30 billion.
• The average federal loan borrower in Oregon has an outstanding balance of $38,215.36.

Student Financial Aid in Pennsylvania

The average federal loan awarded to student borrowers in Pennsylvania was $12,522.28 for the 2023-24 academic year.

• 181,200 Pennsylvania college students received a total of $908.00 million in federal grants for the 2023-24 academic year.
• The average federal grant award to Pennsylvania college students was $5,011.04 for ‘23-24.
• 296,200 Pennsylvania college students took out $3.709 billion in federal loans for ‘23-24.
• The State of Pennsylvania awarded college students $454.228 million in financial aid for the 2022-23 academic year, up 15.42% from the previous year.
• Need-based grants represent 86.04% of state aid in Pennsylvania; nongrant aid represents 12.64%.
• Pennsylvania spent $390.833 million on need-based aid for ’22-23, $55.523 million more than the previous academic year.
• State funding for the ’22-23 academic year was equivalent to 0.050% of Pennsylvania’s 2022 GDP.
• The State of Pennsylvania spent an average of $870.71 per undergraduate student in 2021, down 5.98% from 2020.
• 48.2% of Pennsylvania’s undergraduates receive federal student loans.
• Collectively, 1.863 million federal student loan borrowers in Pennsylvania owe $67.50 billion.
• The average federal loan borrower in Pennsylvania has an outstanding balance of $36,237.72.

Student Financial Aid in Puerto Rico

The average federal loan awarded to student borrowers in Puerto Rico was $15,300.74 for the 2023-24 academic year.

• 125,500 Puerto Rico college students received a total of $765.40 million in federal grants for the 2023-24 academic year.
• The average federal grant award to Puerto Rico college students was $6,098.80 for ‘23-24.
• 54,200 Puerto Rico college students took out $829.30 million in federal loans for ‘23-24.
• State funding for the ’22-23 academic year was equivalent to % of Puerto Rico’s 2022 GDP.
• The State of Puerto Rico spent an average of $46.31 per undergraduate student in 2020, up 8.58% from 2019.
• Collectively, 333,400 federal student loan borrowers in Puerto Rico owe $10.70 billion.
• The average federal loan borrower in Puerto Rico has an outstanding balance of $32,093.58.

Student Financial Aid in Rhode Island

The average federal loan awarded to student borrowers in Rhode Island was $11,901.71 for the 2023-24 academic year.

• 18,800 Rhode Island college students received a total of $86.90 million in federal grants for the 2023-24 academic year.
• The average federal grant award to Rhode Island college students was $4,622.34 for ‘23-24.
• 23,400 Rhode Island college students took out $278.50 billion in federal loans for ‘23-24.
• The State of Rhode Island awarded college students $9.438 million in financial aid for the 2022-23 academic year, down 1.64% from the previous year.
• Need-based grants represent 100% of state aid in Rhode Island.
• Rhode Island spent $9.438 million on need-based aid for ’22-23, $157,000 less than the previous academic year.
• State funding for the ’22-23 academic year was equivalent to 0.013% of Rhode Island’s 2022 GDP.
• The State of Rhode Island spent an average of $187.61 per undergraduate student in 2021, up 1.56% from 2020.
• 42.2% of Rhode Island’s undergraduates receive federal student loans.
• Collectively, 148,200 federal student loan borrowers in Rhode Island owe $4.90 billion.
• The average federal loan borrower in Rhode Island has an outstanding balance of $33,063.43.

Student Financial Aid in South Carolina

The average federal loan awarded to student borrowers in South Carolina was $11,992.86 for the 2023-24 academic year.

• 103,700 South Carolina college students received a total of $512.20 million in federal grants for the 2023-24 academic year.
• The average federal grant award to South Carolina college students was $4,939.25 for ‘23-24.
• 112,100 South Carolina college students took out $1.344 billion in federal loans for ‘23-24.
• The State of South Carolina awarded college students $484.703 million in financial aid for the 2022-23 academic year, up 2.91% from the previous year.
• Need-based grants represent 26.90% of state aid in South Carolina; nongrant aid represents 0.83%.
• South Carolina spent $130.405 million on need-based aid for ’22-23, $121,000 more than the previous academic year.
• State funding for the ’22-23 academic year was equivalent to 0.163% of South Carolina’s 2022 GDP.
• The State of South Carolina spent an average of $3,205.77 per undergraduate student in 2021, up 1.42% from 2020.
• 33.1% of South Carolina’s undergraduates receive federal student loans.
• Collectively, 771,900 federal student loan borrowers in South Carolina owe $29.90 billion.
• The average federal loan borrower in South Carolina has an outstanding balance of $38,735.59.

Student Financial Aid in South Dakota

The average federal loan awarded to student borrowers in South Dakota was $10,546.96 for the 2023-24 academic year.

• 10,700 South Dakota college students received a total of $52.70 million in federal grants for the 2023-24 academic year.
• The average federal grant award to South Dakota college students was $4,925.23 for ‘23-24.
• 18,100 South Dakota college students took out $190.90 million in federal loans for ‘23-24.
• The State of South Dakota awarded college students $5.742 million in financial aid for the 2022-23 academic year, down 11.20% from the previous year.
• Need-based grants represent 3.71% of state aid in South Dakota.
• South Dakota spent $213,000 on need-based aid for ’22-23, $10,000 more than the previous academic year.
• State funding for the ’22-23 academic year was equivalent to 0.008% of South Dakota’s 2022 GDP.
• The State of South Dakota spent an average of $175.06 per undergraduate student in 2021, down 0.79% from 2020.
• 42.1% of South Dakota’s undergraduates receive federal student loans.
• Collectively, 119,400 federal student loan borrowers in South Dakota owe $3.70 billion.
• The average federal loan borrower in South Dakota has an outstanding balance of $30,998.27.

Student Financial Aid in Tennessee

The average federal loan awarded to student borrowers in Tennessee was $12,909.32 for the 2023-24 academic year.

• 121,800 Tennessee college students received a total of $621.70 million in federal grants for the 2023-24 academic year.
• The average federal grant award to Tennessee college students was $5,104.27 for ‘23-24.
• 116,900 Tennessee college students took out $1.509 billion in federal loans for ‘23-24.
• The State of Tennessee awarded college students $572.764 million in financial aid for the 2022-23 academic year, up 23.30% from the previous year.
• Need-based grants represent 24.2% of state aid in Tennessee; nongrant aid represents 3.97%.
• Tennessee spent $138.537 million on need-based aid for ’22-23, $8.456 million more than the previous academic year.
• State funding for the ’22-23 academic year was equivalent to 0.118% of Tennessee’s 2022 GDP.
• The State of Tennessee spent an average of $2,564.55 per undergraduate student in 2021, up 2.84% from 2020.
• 27.2% of Tennessee’s undergraduates receive federal student loans.
• Collectively, 891,400 federal student loan borrowers in Tennessee owe $33.10 billion.
• The average federal loan borrower in Tennessee has an outstanding balance of $37,132.60.

Student Financial Aid in Texas

The average federal loan awarded to student borrowers in Texas was $11,591.62 for the 2023-24 academic year.

• 673,700 Texas college students received a total of $3.452 billion in federal grants for the 2023-24 academic year.
• The average federal grant award to Texas college students was $5,124.54 for ‘23-24.
• 591,600 Texas college students took out $6.858 billion in federal loans for ‘23-24.
• The State of Texas awarded college students $1.343 billion in financial aid for the 2022-23 academic year, up 3.50% from the previous year.
• Need-based grants represent 87.80% of state aid in Texas; nongrant aid represents 12.20%.
• Texas spent $1.179 billion on need-based aid for ’22-23, $41.877 million more than the previous academic year.
• State funding for the ’22-23 academic year was equivalent to 0.056% of Texas’s 2022 GDP.
• The State of Texas spent an average of $1,038.75 per undergraduate student in 2021, up 7.35% from 2020.
• 25.5% of Texas’s undergraduates receive federal student loans.
• Collectively, 3.887 million federal student loan borrowers in Texas owe $131.40 billion.
• The average federal loan borrower in Texas has an outstanding balance of $33,804.12.

Student Financial Aid in Utah

The average federal loan awarded to student borrowers in Utah was $12,646.68 for the 2023-24 academic year.

• 64,200 Utah college students received a total of $330.40 million in federal grants for the 2023-24 academic year.
• The average federal grant award to Utah college students was $5,146.42 for ‘23-24.
• 53,800 Utah college students took out $670.60 million in federal loans for ‘23-24.
• The State of Utah awarded college students $191.966 million in financial aid for the 2022-23 academic year, down 0.60% from the previous year.
• Need-based grants represent 2.60% of state aid in Utah; nongrant aid represents 90.04%.
• Utah spent $4.994 million on need-based aid for ’22-23, $100,000 less than the previous academic year.
• State funding for the ’22-23 academic year was equivalent to 0.075% of Utah’s 2022 GDP.
• The State of Utah spent an average of $56.16 per undergraduate student in 2021, down 19.0% from 2020.
• 23.2% of Utah’s undergraduates receive federal student loans.
• Collectively, 321,800 federal student loan borrowers in Utah owe $10.90 billion.
• The average federal loan borrower in Utah has an outstanding balance of $33,871.97.

Student Financial Aid in Vermont

The average federal loan awarded to student borrowers in Vermont was $12,577.98 for the 2023-24 academic year.

• 7,200 Vermont college students received a total of $32.40 million in federal grants for the 2023-24 academic year.
• The average federal grant award to Vermont college students was $4,500.00 for ‘23-24.
• 10,900 Vermont college students took out $137.10 million in federal loans for ‘23-24.
• The State of Vermont awarded college students $29.99 million in financial aid for the 2022-23 academic year, up 34.15% from the previous year.
• Need-based grants represent 83.4% of state aid in Vermont; nongrant aid represents 16.4%.
• Vermont spent $25.006 million on need-based aid for ’22-23, $4.287 million more than the previous academic year.
• State funding for the ’22-23 academic year was equivalent to 0.073% of Vermont’s 2022 GDP.
• The State of Vermont spent an average of $566.47 per undergraduate student in 2021, down 2.29% from 2020.
• 35.8% of Vermont’s undergraduates receive federal student loans.
• Collectively, 77,100 federal student loan borrowers in Vermont owe $2.90 billion.
• The average federal loan borrower in Vermont has an outstanding balance of $37,613.49.

Student Financial Aid in Virginia

The average federal loan awarded to student borrowers in Virginia was $13,798.46 for the 2023-24 academic year.

• 149,800 Virginia college students received a total of $735.00 million in federal grants for the 2023-24 academic year.
• The average federal grant award to Virginia college students was $4,906.54 for ‘23-24.
• 169,200 Virginia college students took out $2.335 billion in federal loans for ‘23-24.
• The State of Virginia awarded college students $1.198 billion in financial aid for the 2022-23 academic year, up 14.95% from the previous year.
• Need-based grants represent 57.3% of state aid in Virginia; nongrant aid represents 32.9%.
• Virginia spent $686.338 million on need-based aid for ’22-23, $75.364 million more than the previous academic year.
• State funding for the ’22-23 academic year was equivalent to 0.181% of Virginia’s 2022 GDP.
• The State of Virginia spent an average of $1,942.87 per undergraduate student in 2021, up 5.98% from 2020.
• 29.7% of Virginia’s undergraduates receive federal student loans.
• Collectively, 1.099 million federal student loan borrowers in Virginia owe $44.30 billion.
• The average federal loan borrower in Virginia has an outstanding balance of $40,313.04.

Student Financial Aid in Washington

The average federal loan awarded to student borrowers in Washington was $13,678.91 for the 2023-24 academic year.

• 101,400 Washington college students received a total of $478.40 million in federal grants for the 2023-24 academic year.
• The average federal grant award to Washington college students was $4,717.95 for ‘23-24.
• 106,200 Washington college students took out $1.453 billion in federal loans for ‘23-24.
• The State of Washington awarded college students $538.319 million in financial aid for the 2022-23 academic year, up 7.61% from the previous year.
• Need-based grants represent 94.6% of state aid in Washington; nongrant aid represents 3.18%.
• Washington spent $509.457 million on need-based aid for ’22-23, $39.814 million more than the previous academic year.
• State funding for the ’22-23 academic year was equivalent to 0.073% of Washington’s 2022 GDP.
• The State of Washington spent an average of $1,922.03 per undergraduate student in 2021, up 17.43% from 2020.
• 20.1% of Washington’s undergraduates receive federal student loans.
• Collectively, 786,800 federal student loan borrowers in Washington owe $29.10 billion.
• The average federal loan borrower in Washington has an outstanding balance of $36,985.26.

Student Financial Aid in West Virginia

The average federal loan awarded to student borrowers in West Virginia was $10,713.40 for the 2023-24 academic year.

• 29,400 West Virginia college students received a total of $154.10 million in federal grants for the 2023-24 academic year.
• The average federal grant award to West Virginia college students was $5,241.50 for ‘23-24.
• 32,100 West Virginia college students took out $343.90 billion in federal loans for ‘23-24.
• The State of West Virginia awarded college students $125.118 million in financial aid for the 2022-23 academic year, up 0.27% from the previous year.
• Need-based grants represent 34.4% of state aid in West Virginia; nongrant aid represents 31.03%.
• West Virginia spent $43.055 million on need-based aid for ’22-23, $240,000 more than the previous academic year.
• State funding for the ’22-23 academic year was equivalent to 0.128% of West Virginia’s 2022 GDP.
• The State of West Virginia spent an average of $932.57 per undergraduate student in 2021, up 5.25% from 2020.
• 27.7% of West Virginia’s undergraduates receive federal student loans.
• Collectively, 228,600 federal student loan borrowers in West Virginia owe $7.40 billion.
• The average federal loan borrower in West Virginia has an outstanding balance of $32,370.95.

Student Financial Aid in Wisconsin

The average federal loan awarded to student borrowers in Wisconsin was $10,378.38 for the 2023-24 academic year.

• 77,900 Wisconsin college students received a total of $358.40 million in federal grants for the 2023-24 academic year.
• The average federal grant award to Wisconsin college students was $4,600.77 for ‘23-24.
• 111,000 Wisconsin college students took out $1.152 billion in federal loans for ‘23-24.
• The State of Wisconsin awarded college students $130.572 million in financial aid for the 2022-23 academic year, up 7.05% from the previous year.
• Need-based grants represent 86.05% of state aid in Wisconsin; nongrant aid represents 10.67%.
• Wisconsin spent $112.363 million on need-based aid for ’22-23, $4.313 million more than the previous academic year.
• State funding for the ’22-23 academic year was equivalent to 0.033% of Wisconsin’s 2022 GDP.
• The State of Wisconsin spent an average of $627.67 per undergraduate student in 2021, up 1.22% from 2020.
• 32.6% of Wisconsin’s undergraduates receive federal student loans.
• Collectively, 724,900 federal student loan borrowers in Wisconsin owe $23.60 billion.
• The average federal loan borrower in Wisconsin has an outstanding balance of $32,556.21.

Student Financial Aid in Wyoming

The average federal loan awarded to student borrowers in Wyoming was $11,057.47 for the 2023-24 academic year.

• 8,400 Wyoming college students received a total of $39.70 million in federal grants for the 2023-24 academic year.
• The average federal grant award to Wyoming college students was $4,726.19 for ‘23-24.
• 8,700 Wyoming college students took out $96.20 billion in federal loans for ‘23-24.
• The State of Wyoming awarded college students $15.354 million in financial aid for the 2022-23 academic year, down 5.12% from the previous year.
• Need-based grants represent 100% of state aid in Wyoming.
• Wyoming spent $15.354 million on need-based aid for ’22-23, $4.313 million more than the previous academic year.
• State funding for the ’22-23 academic year was equivalent to 0.031% of Wyoming’s 2022 GDP.
• 20.3% of Wyoming’s undergraduates receive federal student loans.
• Collectively, 55,600 federal student loan borrowers in Wyoming owe $1.70 billion.
• The average federal loan borrower in Wyoming has an outstanding balance of $30,575.54.

Private Financial Aid Statistics

Private, nonprofit academic institutions, as a rule, award copious scholarships to help offset the increased price of attendance. Non-academic institutions also offer promotional scholarships or special low-interest student loans.

• 54.1% of university students receive institutional grants or scholarships, with an average award of $12,500 for the 2021-22 academic year.
• 57.6% of students at public, 4-year institutions receive institutional grants or scholarships, with an average award of $6,539 for ‘21-22.
• Among students at private nonprofit, 4-year institutions, 83.9% receive institutional grants and scholarships, with an average award of $24,969 for ‘21-22.
• 38.1% of students at private for-profit 4-year institutions receive institutional aid; the average award for ‘21-22 was $6,161.

Other Types of Student Financial Aid

Federal and state/local governments offer programs designed to help offset the cost of a college education. Student financial aid from private sources includes institutional scholarships, grants, and work-study, as well as student loans from credit unions and other private lenders.

• Tuition waivers, grants, and scholarship programs are available to qualifying former foster care youth in 35 states.
• Nationwide, current and former foster youth between the ages of 14 and 26 years old qualify for the federal Chafee Educational and Training Voucher (ETV) program, which offers up to $5,000 per year for tuition and other costs of attendance.
• Federal and private aid to students in military families includes scholarships and low-interest or no-interest educational loans.
• The U.S. Department of Labor hosts a scholarship search engine that includes private organizations with 9,680 listings.
• Independent institutions (some of which are state-sponsored) offer private student loans, each with its own requirements and restrictions.

Sources

1. U.S. Department of Education (ED)
2. ED National Center of Education Statistics (NCES), Digest of Education Statistics
3. ED Office of Federal Student Aid
4. National Association of State Student Grant & Aid Programs, Annual Survey Reports
5. NCES, Integrated Postsecondary Education Data System
6. U.S. Department of Commerce Bureau of Economic Analysis, News Release Archive
7. U.S. National Science Foundation National Science Board, Science & Engineering Indicators
8. NCES, National Postsecondary Student Aid Study
9. University of Washington, Foster Care and Higher Education: Tuition Waivers By State
10. U.S. Department of Labor, Scholarship Finder
11. Internal Revenue Service, Tax Benefits for Education: Information Center
12. National College Attainment Network, State Policy Resource Center