Financial Aid Statistics

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

  • 38.6% of undergraduates each receive an average of $7,487 in federal loans annually.
  • 56.0% of undergraduates each receive an average of $4,983 in federal grants.
  • The percentage of students who accept financial aid grows by an average of 1.15% each year.
  • 60% of undergraduate financial aid recipients are women.

Jump to a state: AL | AK | AZ | AR | CA | CO | CT | DE | FL | GA | HI | ID | IL | IN | IA | KS | KY | LA | ME | MD | MA | MI | MN | MS | MO | MT | NE | NV | NH | NJ | NM | NY | NC | ND | OH | OK | OR | PA | RI | SC | SD | TN | TX | UT | VT | VA | WA | WV | WI | WY

Financialaidacceptancerateovertime 3 1 on Education Data Initiative

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

Student Financial Aid Statistics

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

  • 87.3% of first-time, first-year undergraduate students receive financial aid in some form.
  • Each student borrows an average of $7,487 per year to pay for school.
  • Public university attendees borrow an average of $29,264 in total to attain a bachelor’s degree.
  • Over the last 20 years, the amount each student borrows has increased at an annual rate of 4.43%.
  • Parents borrowing on behalf of their children accept an average of $13,507. 
  • The percentage of students receiving financial aid has increased 20.8% over 20 years, or an annual rate of 1.0%.
  • State student financial aid spending per full-time enrolled student increases at an annual rate of 4.77%.

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.

  • Student loans and grants are the most commonly used type of financial aid.
  • State agencies offer programs that provide financial aid to former foster care youth; some states offer full tuition waivers.
  • Student financial aid for military families includes low-interest and no-interest educational loans; such financial aid is available from the federal government as well as from private organizations.
  • Work-study programs match students with job placement opportunities (though they do not guarantee employment for every eligible student).
  • Private student financial aid, such as grants or scholarships, usually comes from the academic institution the student attends.
  • Scholarships are not uncommon among well-established private clubs and organizations.
  • For-profit businesses sometimes offer scholarships as a promotion.
  • Some businesses specialize in student financial aid via loans.

Historical financial aid acceptance rate 4 year on Education Data Initiative

Federal Student Aid

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

  • 71% of families apply for federal financial aid using the Federal Application for Student Financial Aid (FAFSA).
  • Undergraduates eligible for federal work-study earn an average of $1,821 per year.
  • 20% of students earn an income through work-study.
  • The Internal Revenue Service offers educational tax benefits in the form of deductions and exemptions for certain savings programs.
  • The Department of Veterans Affairs’ provides student financial aid, including scholarships and the Yellow Ribbon Program, which is designed to cover education costs that aren’t included in the benefits ensured under the GI Bill.

Federal Grants

Grants and scholarships refer to money that recipients don’t have to repay. Most federal grants are need-based.

  • The average federal grant amount awarded to each student on an annual basis is $4,983.
  • The federal government is most likely to award grants to students attending private, for-profit colleges, with 67% of students at these institutions receiving federal grants.
  • In total, the federal government distributes $6.4 billion in grant money among 56% of college students nationwide.
  • Undergraduates eligible for Federal Pell Grants may receive between $649 and $6,495 each; the average award is $4,255.
  • 6.1 million college students receive Federal Pell Grants.
  • Formula grants from the U.S. Department of Education (ED) have no application process.
  • Students in military families may qualify for the Iraq and Afghanistan Service Grant if their parent or guardian died as a result of military service in Iraq or Afghanistan after September 11, 2001.
  • The Department of Veteran Affairs budgets $9.1 billion for the post-9/11 GI bill.
  • The ED budgets $29.1 billion annually for Pell Grants and $46.2 million for TEACH grants.
  • For all grants, the ED budgets $31.1 billion.

Average annual federal student loan per student on Education Data Initiative

Federal Work-Study

The Federal Work-Study Program (FWS) provides funds directly to institutions to administer campus-based work-study. Job availability is limited, and students are not permitted to work more than 20 hours per week.

  • The average work-study student earns $1,821 in one academic year.
  • 20% of all students participate in FWS.
  • 5.0% of undergraduates participate in work-study.
  • 9.2% of full-time undergraduates participate in work-study.
  • 41.7% of full-time students are employed while in school.
  • Among those students, 10.3% work more than 35 hours per week.
  • 78.4% of part-time students are employed while taking classes.
  • 49.4% of those students work more than 35 hours per week.

Federal Student Loans

Federal students loans are the most widely used type of loan among student borrowers.

  • The average federal loan amount is $7,487.
  • The average total loan amount for bachelor’s degree seekers at public institutions is $23,390.
  • The average total loan amount for bachelor’s degree seekers at private, non-profit schools is $26,720; for students at private, for-profit schools, the average total is $34,740.
  • Among associate’s degree seekers, that average total loan amount for students at public institutions is $14,890.
  • For associate’s degree students at private, nonprofit schools, the average total is $25,770; for students at private, for-profit schools, the average is $24,090.
  • Certificate seekers at public institutions receive an average total $15,480 in student financial aid.
  • Certificate seekers at private, nonprofit institutions accept an average total of $15,260 in loans; students at private, for-profit institutions receive an average total of $13,120.
  • The interest rate for federal loans for undergraduates distributed in the 203-2024 academic year is 5.50%.
  • 34.6% of undergraduate students use federal student loans.
  • Among 15- to 23-year-old undergraduate students, 35.7% use student loans.
  • 18% of parents borrow money from the federal government on behalf of their college-bound children.
  • Federal PLUS loans for parents have a higher interest rate than those for students.
  • The ED budgets $98.2 billion for federal direct student loans and $6.6 billion for FFEL loans.

Studentfinancialaidspendingatthestatelevel on Education Data Initiative

State and Local Aid

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

  • States spend an average of $1,140 per full-time student in financial aid.
  • At $3,161, South Carolina spends the most per full-time student.
  • Montana spends the least at $13.26 per full-time student.
  • States award an average of $4,116 in grants and scholarships to each recipient.
  • States are most likely to award grants to public university students, with 38% of students receiving state grants.
  • 25% of students at private, nonprofit schools receive state and local grants, while 11% of students at for-profit schools receive such aid. 
  • California awards the largest total amount, dispersing $2.4 billion among college students.
  • Montana awards the smallest total amount, dispersing $1.5 million among college students.
  • In total, states award $14.2 billion to 33.2% of the national student population.
State Student Financial Aid, From Most to Least Total Aid
State Need-Based Grants Total Student Aid
California $2.34B $2.40B
Texas $1.14B $1.30B
Florida $291.9M $1.07B
Virginia $611.0M $1.04B
New York $729.5M $1.00B
Georgia $751,000 $944.1M
New Jersey $477.8M $629.8M
Washington $469.6M $500.3M
Illinois $467.8M $474.0M
South Carolina $112.7M $466.6M
Tennessee $130.1M $464.5M
Pennsylvania $335.3M $393.5M
Louisiana $40.4M $351.0M
Indiana $279.7M $330.7M
Kentucky $140.5M $291.6M
Minnesota $212.6M $282.9M
North Carolina $255.5M $282.8M
Colorado $183.2M $224.3M
Oregon $103.8M $213.1M
Utah $5.1M $193.2M
Connecticut $33.3M $175.0M
Massachusetts $131.7M $174.7M
Ohio $104.3M $151.0M
Missouri $69.0M $139.6M
West Virginia $42.8M $124.8M
New Mexico $19.7M $124.3M
Maryland $114.1M $123.2M
Wisconsin $108.1M $122.0M
Michigan $115.9M $116.9M
Arkansas $188,000 $107.3M
Oklahoma $79.9M $106.2M
Iowa $59.4M $88.7M
Nevada $14.8M $76.2M
Arizona $57.7M $57.9M
Alabama $47.1M $56.8M
Mississippi $27.7M $46.1M
Kansas $25.7M $37.1M
Nebraska $25.6M $35.5M
Delaware $16.4M $34.4M
Washington, DC $1.6M $30.0M
Maine $26.5M $29.1M
North Dakota $12.5M $24.5M
Vermont $20.7M $22.4M
Alaska $5.7M $21.7M
Idaho $20.1M $21.4M
Wyoming $16.2M $16.2M
Rhode Island $9.6M $9.6M
Hawaii $7.9M $8.2M
South Dakota $203,000 $6.5M
New Hampshire $2.1M $3.1M
Montana $737,000 $1.6M

Private Financial Aid

Private, nonprofit academic institutions, as a rule, award copious scholarships to help offset the increased price of attendance. Columbia College, where the cost of attendance is $89,587 per year, explicitly states that “Students are expected to borrow $0 to attend Columbia.” Nonacademic institutions also offer promotional scholarships or special low-interest student loans.

  • 53% of public university students receive institutional grants, with an average award of $6,600.
  • 84% of students at private, non-profit 4-year institutions receive institutional grants, with an average award of $25,400.
  • Academic institutions disperse a total of $76.9 billion, which accounts for 53% of the various grants students receive. 
  • 6% of students use student loans from private sources, such as banks or credit unions.
  • The total private and employer grants total $17.2 billion.
  • Private businesses that specialize in providing students with educational loans may offer interest rates as low as 3.85%.

Financial Aid Demographics

Student financial aid is widely available for every level of education and personal circumstances, but not everyone uses aid the same way. For example, the older a student is, the less likely they are to take out loans, and a higher number of White or Caucasian students receive student financial aid than all other races and ethnicities combined.

  • A higher number of part-time students (6.4 million) accept student financial aid than full-time students (5.7 million).
  • A higher percentage of full-time students (62.4%) accept financial aid than part-time students (51.5%).
  • 80.7% of aid recipients are under 30 years old; 47.4% of recipients are enrolled full-time.
  • 60% of financial aid recipients are women.
  • At 78.9%, students who are separated from their spouses are the most likely to accept aid than students who are married (62.4%) or students who are not married (72.8%).
  • With an 81% acceptance rate, Black college students are the most likely to receive financial aid.
  • Asian students are the least likely to accept student financial aid, with an acceptance rate of 66%.

Student Financial Aid by State

Some states spend more – in terms or dollar amount and/or a percentage of the state’s domestic product – on higher education than others. Federal aid varies among states, as well, with a higher percentage of one student population receiving aid.

  • South Carolina spends the most on student financial aid in terms of a percentage of their domestic product at 0.17%.
  • The District of Columbia spends the most in terms of indirect student financial aid, spending $34,381 per student on higher education programs.
  • Montana spends the least in terms of a percentage of their domestic product at less than 0.01%.
  • South Carolina spends the most per undergraduate student at $3,161.
  • Montana spends the least at $13.

Student Financial Aid In Alabama

Alabama ranks 31st in total student financial aid dollars, spending $72.1 million .

  • The State of Alabama spends an average of $430 per undergraduate student, or 0.03% of its domestic product.
  • 33.6% of undergraduates receive federal student loans.
  • 12.1% of undergraduates at 2-year institutions receive loans in the average amount of $5,022 each.
  • 43.3% of undergraduates at 4-year institutions receive loans in the average amount of $6,607 each.

Student Financial Aid in Alaska

Alaska ranks 45th in total financial aid dollars, spending $14.7 million. 

  • The State of Alaska spends an average of $751 per undergraduate student, or 0.03% of its domestic product.
  • 17.1% of undergraduates receive federal student loans.
  • 51.4% of undergraduates at 2-year institutions receive loans in the average amount of $6,473 each.
  • 16.9% of undergraduates at 4-year institutions receive loans in the average amount of $6,764 each.

Student Financial Aid in Arizona

Arizona ranks 34th in total financial aid dollars, spending $40.8 million. 

  • The State of Arizona spends an average of $125 per undergraduate student, or 0.01% of its domestic product.
  • 33.2% of undergraduates receive federal student loans.
  • 10.9% of undergraduates at 2-year institutions receive loans in the average amount of $5,624 each.
  • 44.0% of undergraduates at 4-year institutions receive loans in the average amount of $7,826 each.

Student Financial Aid in Arkansas

Arkansas ranks 23rd in total financial aid dollars, spending $111.1 million. 

  • The State of Arkansas spends an average of $1,263 per undergraduate student, or 0.08% of its domestic product.
  • 33.3% of undergraduates receive federal student loans.
  • 15.0% of undergraduates at 2-year institutions receive loans in the average amount of $5,219 each.
  • 40.8% of undergraduates at 4-year institutions receive loans in the average amount of $6,581 each.

Student Financial Aid in California

California ranks 1st in total financial aid dollars, spending $2.40 billion. 

  • The State of California spends an average of $2,159 per undergraduate student, or 0.08% of its domestic product.
  • 15.3% of undergraduates receive federal student loans.
  • 4.3% of undergraduates at 2-year institutions receive loans in the average amount of $7,023 each.
  • 23.8% of undergraduates at 4-year institutions receive loans in the average amount of $6,858 each.

Student Financial Aid in Colorado

Colorado ranks 18th in total financial aid dollars, spending $158.3 million. 

  • The State of Colorado spends an average of $600 per undergraduate student, or 0.04% of its domestic product.
  • 30.4% of undergraduates receive federal student loans.
  • 34.0% of undergraduates at 2-year institutions receive loans in the average amount of $9,220 each.
  • 30.3% of undergraduates at 4-year institutions receive loans in the average amount of $6,969 each.

Student Financial Aid in Connecticut

Connecticut ranks 35th in total financial aid dollars, spending $34.1 million. 

  • The State of Connecticut spends an average of $307 per undergraduate student, or 0.01% of its domestic product.
  • 39.9% of undergraduates receive federal student loans.
  • 9.9% of undergraduates at 2-year institutions receive loans in the average amount of $7,111 each.
  • 50.1% of undergraduates at 4-year institutions receive loans in the average amount of $7,114 each.

Student Financial Aid in Delaware

Delaware ranks 37th in total financial aid dollars, spending $22.8 million. 

  • The State of Delaware spends an average of $479 per undergraduate student, or 0.03% of its domestic product.
  • 39.8% of undergraduates receive federal student loans.
  • 83.1% of undergraduates at 2-year institutions receive loans in the average amount of $6,184 each.
  • 40.0% of undergraduates at 4-year institutions receive loans in the average amount of $6,204 each.

Student Financial Aid in D.C.

The District of Columbia ranks 36th in total student financial aid dollars, spending $31.9 million. 

  • The District of Columbia spends an average of $617 per undergraduate student, or 0.02% of its domestic product.
  • 39.9% of undergraduates receive federal student loans.
  • 76.0% of undergraduates at 2-year institutions receive loans in the average amount of $6,176 each.
  • 39.2% of undergraduates at 4-year institutions receive loans in the average amount of $6,977 each.

Student Financial Aid in Florida

Florida ranks 3rd in total financial aid dollars, spending $936.2 million. 

  • The State of Florida spends an average of $1,107 per undergraduate student, or 0.08% of its domestic product.
  • 27.2% of undergraduates receive federal student loans.
  • 43.9% of undergraduates at 2-year institutions receive loans in the average amount of $4,814 each.
  • 24.9% of undergraduates at 4-year institutions receive loans in the average amount of $7,001 each.

Student Financial Aid in Georgia

Georgia ranks 4th in total financial aid dollars, spending $905.2 million. 

  • The State of Georgia spends an average of $2,664 per undergraduate student, or 0.14% of its domestic product.
  • 32.4% of undergraduates receive federal student loans.
  • 11.8% of undergraduates at 2-year institutions receive loans in the average amount of $5,903 each.
  • 38.6% of undergraduates at 4-year institutions receive loans in the average amount of $6,374 each.

Student Financial Aid in Hawaii

Hawaii ranks 48th in total financial aid dollars, spending $5.4 million. 

  • The State of Hawaii spends an average of $175 per undergraduate student, or 0.01% of its domestic product.
  • 16.0% of undergraduates receive federal student loans.
  • 4.7% of undergraduates at 2-year institutions receive loans in the average amount of $7,445 each.
  • 23.9% of undergraduates at 4-year institutions receive loans in the average amount of $6,597 each.

Student Financial Aid in Idaho

Idaho ranks 39th in total student financial aid dollars, spending $21.2 million. 

  • The State of Idaho spends an average of $219 per undergraduate student, or 0.02% of its domestic product.
  • 21.4% of undergraduates receive federal student loans.
  • 27.1% of undergraduates at 2-year institutions receive loans in the average amount of $4,404 each.
  • 19.5% of undergraduates at 4-year institutions receive loans in the average amount of $6,531 each.

Student Financial Aid in Illinois

Illinois ranks 9th in total student financial aid dollars, spending $443.7 million. 

  • The State of Illinois spends an average of $1,544 per undergraduate student, or 0.05% of its domestic product.
  • 29.2% of undergraduates receive federal student loans.
  • 6.6% of undergraduates at 2-year institutions receive loans in the average amount of $5,263 each.
  • 46.4% of undergraduates at 4-year institutions receive loans in the average amount of $6,707 each.

Student Financial Aid in Indiana

Indiana ranks 15th in total financial aid dollars, spending $322.7 million. 

  • The State of Indiana spends an average of $1,182 per undergraduate student, or 0.08% of its domestic product.
  • 32.1% of undergraduates receive federal student loans.
  • 10.6% of undergraduates at 2-year institutions receive loans in the average amount of $5,061 each.
  • 38.6% of undergraduates at 4-year institutions receive loans in the average amount of $6,631 each.

Student Financial Aid in Iowa

Iowa ranks 30th in total financial aid dollars, spending $76.7 million. 

  • The State of Iowa spends an average of $796 per undergraduate student, or 0.04% of its domestic product.
  • 37.0% of undergraduates receive federal student loans.
  • 22.0% of undergraduates at 2-year institutions receive loans in the average amount of $5,508 each.
  • 50.6% of undergraduates at 4-year institutions receive loans in the average amount of $6,614 each.

Student Financial Aid in Kansas

Kansas ranks 42nd in total student financial aid dollars, spending $18.5 million. 

  • The State of Kansas spends an average of $192 per undergraduate student, or 0.01% of its domestic product.
  • 29.0% of undergraduates receive federal student loans.
  • 14.4% of undergraduates at 2-year institutions receive loans in the average amount of $5,493 each.
  • 40.4% of undergraduates at 4-year institutions receive loans in the average amount of $6,538 each.

Student Financial Aid in Kentucky

Kentucky ranks 16th in total financial aid dollars, spending $271.0 million. 

  • The State of Kentucky spends an average of $2,041 per undergraduate student, or 0.12% of its domestic product.
  • 31.8% of undergraduates receive federal student loans.
  • 15.9% of undergraduates at 2-year institutions receive loans in the average amount of $5,558 each.
  • 40.1% of undergraduates at 4-year institutions receive loans in the average amount of $6,733 each.

Student Financial Aid in Louisiana

Louisiana ranks 13th in total financial aid dollars, spending $333.1 million. 

  • The State of Louisiana spends an average of $2,345 per undergraduate student, or 0.14% of its domestic product.
  • 39.1% of undergraduates receive federal student loans.
  • 37.6% of undergraduates at 2-year institutions receive loans in the average amount of $6,470 each.
  • 37.9% of undergraduates at 4-year institutions receive loans in the average amount of $6,367 each.

Student Financial Aid in Maine

Maine ranks 44th in total student financial aid dollars, spending $15.3 million. 

  • The State of Maine spends an average of $347 per undergraduate student, or 0.02% of its domestic product.
  • 35.8% of undergraduates receive federal student loans.
  • 17.2% of undergraduates at 2-year institutions receive loans in the average amount of $4,848 each.
  • 41.6% of undergraduates at 4-year institutions receive loans in the average amount of $6,282 each.

Student Financial Aid in Maryland

Maryland ranks 24th in total financial aid dollars, spending $109.9 million. 

  • The State of Maryland spends an average of $662 per undergraduate student, or 0.03% of its domestic product.
  • 25.4% of undergraduates receive federal student loans.
  • 12.4% of undergraduates at 2-year institutions receive loans in the average amount of $6,034 each.
  • 32.0% of undergraduates at 4-year institutions receive loans in the average amount of $6,774 each.

Student Financial Aid in Massachusetts

Massachusetts ranks 25th in total financial aid dollars, spending $104.9 million. 

  • The State of Massachusetts spends an average of $406 per undergraduate student, or 0.02% of its domestic product.
  • 39.3% of undergraduates receive federal student loans.
  • 16.1% of undergraduates at 2-year institutions receive loans in the average amount of $5,368 each.
  • 44.8% of undergraduates at 4-year institutions receive loans in the average amount of $6,420 each.

Student Financial Aid in Michigan

Michigan ranks 20th in total financial aid dollars, spending $134.6 million. 

  • The State of Michigan spends an average of $468 per undergraduate student, or 0.02% of its domestic product.
  • 32.6% of undergraduates receive federal student loans.
  • 14.8% of undergraduates at 2-year institutions receive loans in the average amount of $5,049 each.
  • 39.9% of undergraduates at 4-year institutions receive loans in the average amount of $6,691 each.

Student Financial Aid in Minnesota

Minnesota ranks 17th in total financial aid dollars, spending $214.3 million. 

  • The State of Minnesota spends an average of $1,233 per undergraduate student, or 0.06% of its domestic product.
  • 34.5% of undergraduates receive federal student loans.
  • 20.3% of undergraduates at 2-year institutions receive loans in the average amount of $6,388 each.
  • 42.8% of undergraduates at 4-year institutions receive loans in the average amount of $6,831 each.

Student Financial Aid in Mississippi

Mississippi ranks 33rd in total financial aid dollars, spending $44.9 million. 

  • The State of Mississippi spends an average of $625 per undergraduate student, or 0.04% of its domestic product.
  • 31.7% of undergraduates receive federal student loans.
  • 14.4% of undergraduates at 2-year institutions receive loans in the average amount of $5,149 each.
  • 45.0% of undergraduates at 4-year institutions receive loans in the average amount of $7,378 each.

Student Financial Aid in Missouri

Missouri ranks 21st in total financial aid dollars, spending $134.4 million. 

  • The State of Missouri spends an average of $701 per undergraduate student, or 0.04% of its domestic product.
  • 30.7% of undergraduates receive federal student loans.
  • 10.1% of undergraduates at 2-year institutions receive loans in the average amount of $5,585 each.
  • 36.8% of undergraduates at 4-year institutions receive loans in the average amount of $6,647 each.

Student Financial Aid in Montana

Montana ranks 50th in total financial aid dollars, spending $431 thousand. 

  • The State of Montana spends an average of $13 per undergraduate student, or less than 0.01% of its domestic product.
  • 32.3% of undergraduates receive federal student loans.
  • 17.9% of undergraduates at 2-year institutions receive loans in the average amount of $6,085 each.
  • 35.3% of undergraduates at 4-year institutions receive loans in the average amount of $6,570 each.

Student Financial Aid in Nebraska

Nebraska ranks 38th in total financial aid dollars, spending $22.1 million. 

  • The State of Nebraska spends an average of $311 per undergraduate student, or 0.02% of its domestic product.
  • 31.1% of undergraduates receive federal student loans.
  • 18.2% of undergraduates at 2-year institutions receive loans in the average amount of $3,285 each.
  • 38.6% of undergraduates at 4-year institutions receive loans in the average amount of $6,473 each.

Student Financial Aid in Nevada

Nevada ranks 32nd in total financial aid dollars, spending $54.4 million. 

  • The State of Nevada spends an average of $545 per undergraduate student, or 0.03% of its domestic product.
  • 24.2% of undergraduates receive federal student loans.
  • 68.7% of undergraduates at 2-year institutions receive loans in the average amount of $8,078 each.
  • 18.1% of undergraduates at 4-year institutions receive loans in the average amount of $7,418 each.

Student Financial Aid in New Hampshire

New Hampshire ranks 49th in total financial aid dollars, spending $2.0 million. 

  • The State of New Hampshire spends an average of $14 per undergraduate student, or less than 0.01% of its domestic product on student financial aid.
  • 58.1% of undergraduates receive federal student loans.
  • 31.7% of undergraduates at 2-year institutions receive loans in the average amount of $5,987 each.
  • 59.9% of undergraduates at 4-year institutions receive loans in the average amount of $6,869 each.

Student Financial Aid in New Jersey

New Jersey ranks 7th in total financial aid dollars, spending $491.5 million. 

  • The State of New Jersey spends an average of $2,416 per undergraduate student 0.08% of its domestic product.
  • 33.0% of undergraduates receive federal student loans.
  • 16.0% of undergraduates at 2-year institutions receive loans in the average amount of $6,667 each.
  • 42.1% of undergraduates at 4-year institutions receive loans in the average amount of $6,613 each.

Student Financial Aid in New Mexico

New Mexico ranks 29th in total financial aid dollars, spending $80.5 million. 

  • The State of New Mexico spends an average of $1,965 per undergraduate student, or 0.08% of its domestic product.
  • 20.4% of undergraduates receive federal student loans.
  • 7.0% of undergraduates at 2-year institutions receive loans in the average amount of $5,207 each.
  • 35.7% of undergraduates at 4-year institutions receive loans in the average amount of $6,636 each.

Student Financial Aid in New York

New York ranks 5th in total student financial aid dollars, spending $899.2 million. 

  • The State of New York spends an average of $1,323 per undergraduate student, or 0.05% of its domestic product.
  • 29.8% of undergraduates receive federal student loans.
  • 14.7% of undergraduates at 2-year institutions receive loans in the average amount of $5,645 each.
  • 34.7% of undergraduates at 4-year institutions receive loans in the average amount of $6,564 each.

Student Financial Aid in North Carolina

North Carolina ranks 14th in total student financial aid dollars, spending $325.6 million. 

  •  The State of North Carolina spends an average of $1,219 per undergraduate student, or 0.05% of its domestic product.
  • 28.5% of undergraduates receive federal student loans.
  • 10.9% of undergraduates at 2-year institutions receive loans in the average amount of $6,654 each.
  • 43.0% of undergraduates at 4-year institutions receive loans in the average amount of $6,431 each.

Student Financial Aid in North Dakota

North Dakota ranks 41st in total student financial aid dollars, spending $20.2 million. 

  • The State of North Dakota spends an average of $557 per undergraduate student, or 0.04% of its domestic product.
  • 40.0% of undergraduates receive federal student loans.
  • 25.5% of undergraduates at 2-year institutions receive loans in the average amount of $5,764 each.
  • 43.0% of undergraduates at 4-year institutions receive loans in the average amount of $6,441 each.

Student Financial Aid in Ohio

Ohio ranks 19th in total financial aid dollars, spending $140.2 million. 

  • The State of Ohio spends an average of $335 per undergraduate student, or 0.02% of its domestic product.
  • 34.2% of undergraduates receive federal student loans.
  • 19.8% of undergraduates at 2-year institutions receive loans in the average amount of $6,178 each.
  • 39.4% of undergraduates at 4-year institutions receive loans in the average amount of $6,555 each.

Student Financial Aid in Oklahoma

Oklahoma ranks 27th in total student financial aid dollars, spending $92.4 million. 

  • The State of Oklahoma spends an average of $854 per undergraduate student, or 0.05% of its domestic product.
  • 27.2% of undergraduates receive federal student loans.
  • 15.8% of undergraduates at 2-year institutions receive loans in the average amount of $5,734 each.
  • 37.9% of undergraduates at 4-year institutions receive loans in the average amount of $6,941 each.

Student Financial Aid in Oregon

Oregon ranks 26th in total student financial aid dollars, spending $97.1 million. 

  • The State of Oregon spends an average of $971 per undergraduate student, or 0.04% of its domestic product.
  • 32.7% of undergraduates receive federal student loans.
  • 23.5% of undergraduates at 2-year institutions receive loans in the average amount of $5,452 each.
  • 38.9% of undergraduates at 4-year institutions receive loans in the average amount of $6,820 each.

Student Financial Aid in Pennsylvania

Pennsylvania ranks 12th in total student financial aid dollars, spending $373.4 million. 

  • The State of Pennsylvania spends an average of $926 per undergraduate student, or 0.05% of its domestic product.
  • 48.6% of undergraduates receive federal student loans.
  • 32.8% of undergraduates at 2-year institutions receive loans in the average amount of $5,832 each.
  • 53.2% of undergraduates at 4-year institutions receive loans in the average amount of $6,591 each.

Student Financial Aid in Rhode Island

Rhode Island ranks 46th in total financial aid dollars, spending $10.0 million. 

  • The State of Rhode Island spends an average of $185 per undergraduate student, or 0.02% of its domestic product.
  • 41.3% of undergraduates receive federal student loans.
  • 9.8% of undergraduates at 2-year institutions receive loans in the average amount of $5,316 each.
  • 46.4% of undergraduates at 4-year institutions receive loans in the average amount of $6,736 each.

Student Financial Aid in South Carolina

South Carolina ranks 11th in total financial aid dollars, spending $437.3 million. 

  • The State of South Carolina spends an average of $3,161 per undergraduate student, or 0.17% of its domestic product.
  • 35.9% of undergraduates receive federal student loans.
  • 16.7% of undergraduates at 2-year institutions receive loans in the average amount of $5,544 each.
  • 44.5% of undergraduates at 4-year institutions receive loans in the average amount of $6,731 each.

Student Financial Aid in South Dakota

South Dakota ranks 47th in total financial aid dollars, spending $6.5 million. 

  • The State of South Dakota spends an average of $176 per undergraduate student, or 0.01% of its domestic product.
  • 43.0% of undergraduates receive federal student loans.
  • 53.2% of undergraduates at 2-year institutions receive loans in the average amount of $6,018 each.
  • 41.0% of undergraduates at 4-year institutions receive loans in the average amount of $6,534 each.

Student Financial Aid in Tennessee

Tennessee ranks 8th in total student financial aid dollars, spending $447.4 million. 

  • The State of Tennessee spends an average of $2,494 per undergraduate student, or 0.11% of its domestic product.
  • 29.4% of undergraduates receive federal student loans.
  • 7.8% of undergraduates at 2-year institutions receive loans in the average amount of $6,035 each.
  • 41.0% of undergraduates at 4-year institutions receive loans in the average amount of $6,895 each.

Student Financial Aid in Texas

Texas ranks 2nd in total student financial aid dollars, spending $960.3 million. 

  • The State of Texas spends an average of $968 per undergraduate student, or 0.05% of its domestic product.
  • 25.8% of undergraduates receive federal student loans.
  • 17.0% of undergraduates at 2-year institutions receive loans in the average amount of $5,557 each.
  • 27.6% of undergraduates at 4-year institutions receive loans in the average amount of $6,715 each.

Student Financial Aid in Utah

Utah ranks 40th in total financial aid dollars, spending $21.1 million. 

  • The State of Utah spends an average of $69 per undergraduate student, or 0.01% of its domestic product.
  • 24.1% of undergraduates receive federal student loans.
  • 8.3% of undergraduates at 2-year institutions receive loans in the average amount of $4,050 each.
  • 27.1% of undergraduates at 4-year institutions receive loans in the average amount of $5,983 each.

Student Financial Aid in Vermont

Vermont ranks 43rd in total financial aid dollars, spending $16.5 million. 

  • The State of Vermont spends an average of $580 per undergraduate student, or 0.05% of its domestic product.
  • 36.5% of undergraduates receive federal student loans.
  • 4.5% of undergraduates at 2-year institutions receive loans in the average amount of $5,345 each.
  • 42.6% of undergraduates at 4-year institutions receive loans in the average amount of $6,663 each.

Student Financial Aid in Virginia

Virginia ranks 6th in total student financial aid dollars, spending $520.3 million. 

  • The State of Virginia spends an average of $1,833 per undergraduate student, or 0.09% of its domestic product.
  • 30.7% of undergraduates receive federal student loans.
  • 7.3% of undergraduates at 2-year institutions receive loans in the average amount of $5,672 each.
  • 43.0% of undergraduates at 4-year institutions receive loans in the average amount of $7,173 each.

Student Financial Aid in Washington

Washington ranks 10th in total student financial aid dollars, spending $441.4 million. 

  • The State of Washington spends an average of $1,637 per undergraduate student, or 0.07% of its domestic product.
  • 20.6% of undergraduates receive federal student loans.
  • 13.1% of undergraduates at 2-year institutions receive loans in the average amount of $6,258 each.
  • 20.6% of undergraduates at 4-year institutions receive loans in the average amount of $6,019 each.

Student Financial Aid in West Virginia

West Virginia ranks 28th in total financial aid dollars, spending $88.0 million. 

  • The State of West Virginia spends an average of $886 per undergraduate student, or 0.12% of its domestic product.
  • 31.1% of undergraduates receive federal student loans.
  • 19.7% of undergraduates at 2-year institutions receive loans in the average amount of $5,269 each.
  • 33.4% of undergraduates at 4-year institutions receive loans in the average amount of $7,059 each.

Student Financial Aid in Wisconsin

Wisconsin ranks 22nd in total financial aid dollars, spending $88.0 million. 

  • The State of Wisconsin spends an average of $620 per undergraduate student, or 0.04% of its domestic product.
  • 34.0% of undergraduates receive federal student loans.
  • 19.8% of undergraduates at 2-year institutions receive loans in the average amount of $4,967 each.
  • 40.1% of undergraduates at 4-year institutions receive loans in the average amount of $6,323 each.

Student Financial Aid in Wyoming

Financial aid dollars were unavailable for Wyoming.

  • 19.8% of undergraduates in Wyoming receive federal student loans.
  • 17.6% of undergraduates at 2-year institutions receive loans in the average amount of $5,864 each.
  • 20.8% of undergraduates at 4-year institutions receive loans in the average amount of $6,038 each.

Sources

  1. National Center of Education Statistics (NCES), Digest of Education
  2. NCES, Integrated Postsecondary Education Data System
  3. Sallie Mae, How America Pays for College 2023
  4. U.S. Department of Education (ED), FY2025 Budget Summary
  5. ED Office of Federal Student Aid
  6. National Science Board, Science and Engineering Indicators: Higher Education.
  7. National Association of State Student Grant and Aid Programs, Annual Survey
  8. Bureau of Economic Analysis, GDP by State
  9. NCES, The Condition of Education 2022
  10. Columbia College, Financial Aid and Educational Financing Facts and Figures
  11. U.S. Department of Veterans Affairs, Education and Training: Other VA Education Benefits
  12. NCES, National Postsecondary Study of Student Aid Study 
  13. College Board, Trends in Student Aid
  14. The Institute for Access and Success, Private Student Loans: Facts & Trends
  15. Nerd Wallet, Private Student Loans 
  16. Education Commission of the States, Tuition Assistance Programs for Foster Youth Pursuing Postsecondary Education
  17. Institutional Revenue Service, Tax Benefits for Education: Information Center
  18. U.S. Department of Education, Grants