Financial Aid Statistics

Last Updated: August 15, 2021 by Melanie Hanson

Report Highlights. Student financial aid statistics indicate that, while 86% of college students benefit from some form of financial aid, public programs are underutilized; each year, over $2 billion in student grants alone are left unclaimed.

  • The percentage of students who accept financial aid grows by an average of 0.09% each year.
  • Each year, 33% of undergraduates each receive an average of $8,285 in federal loans.
  • 41% of undergraduates each receive an average of $5,179 in federal grants.
  • 75% of undergraduate women accept student financial aid, most of it in the form of nonfederal grants.
  • The federal government’s annual budget for student grants is $32 billion, with just $30 billion claimed.

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

line graph of historical student financial aid acceptance from 2000 until 2020

For related research, please 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.

  • 86.4% of first-time, first-year undergraduate students receive financial aid in some form.
  • Each student borrows an average of $11,836 per year to pay for school.
  • Public university attendees borrow an average of $30,030 each to attain a bachelor’s degree.
  • The amount each student borrows has increased at an annual rate of 1.961%.
  • Parents borrowing on behalf of their children accept an average of $12,535.
  • The percentage of students receiving financial aid has increased 18.8% over 20 years, or an annual rate of 0.9%.
  • State student financial aid spending per full-time enrolled student increases at an annual rate of 6.295%.
  • Federal student financial aid statistics show spending increases at an annual rate of 4.211%

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 from the federal level to the institutional level match students with jobs.
  • Private student financial aid 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.

line graph of financial aid acceptance rates among undergraduates at 4-year schools by institution type from 2000 to 2018

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.

  • 66% of students apply for federal financial aid using the Federal Application for Student Financial Aid (FAFSA).
  • Undergraduates eligible for federal work-study earn an average of $1,794 per year.
  • 18% 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 $5,179.
  • The federal government is most likely to award grants to students attending private, for-profit colleges, with 62% of students at these institutions receiving federal grants.
  • In total, the federal government distributes $29.6 billion in grant money among 42.6% of college students nationwide.
  • Undergraduates eligible for Federal Pell Grants may receive between $639 and $6,345 each; the average award is $3,900.
  • 6.8 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 ED budgets $29.6 billion annually for Pell Grants and $39.5 million for TEACH grants.
  • For all grants, the ED budgets $31.7 billion.

line graph of the average annual federal loan per student borrower from 1995 to 2016

Federal Student Loans

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

  • The average federal loan amount is $8,285.
  • The average total loan amount for bachelor’s degree seekers at public institutions is $28,600.
  • The average total loan amount for bachelor’s degree seekers at private, for-profit schools is $33,900; for students at for-profit schools, the average total is $43,900.
  • Among associate’s degree seekers, that average total loan amount for students at public institutions is $16,600.
  • For students at private, nonprofit schools, the average total is $26,400; for students at private, for-profit schools, the average is $28,100.
  • Certificate seekers at public institutions receive an average total $17,400 in student financial aid.
  • Certificate seekers at private, nonprofit institutions accept an average total of $18,200 in loans; students at private, for-profit institutions receive an average total of $15,800.
  • The interest rate for federal loans distributed in the 2020-2021 academic year is 2.75%.
  • 30% of students use federal student loans.
  • Among 15- to 23-year-old undergraduate students, 40.5% use student loans.
  • The federal government loans an annual total of $45.3 billion to 44.4% of all postsecondary students (including graduate and professional students).
  • 13% 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 $77 billion for federal direct student loans and $13.3 billion for FFEL loans.
  • The ED budgets $90.2 billion for all loan programs, leaving $44.9 billion leftover after distribution to students.

student financial aid spending at the state level per full-time student from 1995 to 2017

State and Local Aid

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

  • States spend an average of $1,051 per full-time student in financial aid.
  • At $3,266 South Carolina spends the most per full-time student.
  • Montana spends the least at $38.53 per full-time student.
  • States award an average of $11,813 in grants to each grant 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 9% of students at for-profit schools receive such aid.
  • California awards the largest total amount, dispersing $2.2 billion among college students.
  • Montana awards the smallest total amount, dispersing $1.3 million among college students.
  • In total, states award $14.2 billion to 33.6% of the national student population.
State Student Financial Aid
State Need-Based Grants Total Student Aid
California $2.22B $2.23B
Texas $1.02B $1.2B
New York $895.6M $1.16B
Florida $293.3M $1.01B
Georgia $888.4M
Virginia $493.8M $844M
New Jersey $478.5M $637M
Tennessee $110M $454.3M
South Carolina $71.6M $421.3M
Pennsylvania $389.5M $416.2M
Washington $373.3M $403.7M
Illinois $392.3M $397.8M
North Carolina $313.7M $391.5M
Indiana $326.6M $373M
Louisiana $28.4M $331.8M
Minnesota $218.5M $302.4M
Kentucky $116.8M $258.1M
Colorado $142.6M $185.8M
Utah $2.1M $178.9M
Oregon $92.8M $175.5M
Connecticut $33.6M $148.7M
Massachusetts $100.1M $146M
Ohio $94.3M $136.4M
Wisconsin $122.3M $135.1M
Missouri $68.3M $128.9M
West Virginia $41.4M $123.5M
Michigan $120.5M $121.6M
Arkansas $2M $115.5M
Oklahoma $88.2M $108.8M
Maryland $102.1M $108.2M
New Mexico $19.3M $88.8M
Alabama $72.4M $80.3M
Nevada $13.4M $72.4M
Iowa $56.4M $62.6M
Mississippi $23.9M $42.2M
Washington, DC $831,770 $32.4M
Arizona $28.2 $28.6M
Alaska $5.9M $27.3M
Delaware $14.1M $24.2M
Kansas $17.7M $22.4M
Vermont $20.8M $21.5M
North Dakota $9.7M $21.2M
Nebraska $19M $21.1M
Wyoming $18.1M $18.1M
Maine $15M $17.5M
Idaho $14M $15.5M
Rhode Island $10M $10M
South Dakota $203,290 $7.1M
Hawaii $4.6 $5.6M
New Hampshire $3M $4.9M
Montana $458,160 $1.3M

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 $80.339 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.

  • 50% of public university students receive private grants.
  • 83% of students at private, non-profit 4-year institutions receive institutional grants.
  • Academic institutions disperse a total of $76 billion among 46.6% of the undergraduate student population.
  • 13% of students use student loans from private sources, such as banks or credit unions.
  • 58% of students receive scholarships, with an average award of $7,923 each.
  • Private businesses that specialize in providing students with educational loans may offer interest rates as low as 1.24%.

Financial Aid Demographics

Student financial aid is widely available for every level of education and personal circumstances.

  • A higher number of part-time students (12 million) accept student financial aid than full-time students (7 million).
  • A higher percentage of full-time students (86.4%) accept financial aid than part-time students (63.6%).
  • 77.2% of aid recipients are under 30 years old; 37.8% of recipients are enrolled full-time.
  • The older a student is, the less likely they are to accept financial aid.
  • Among undergraduates, 74.6% of women accept student financial aid; 69.1% of men accept financial aid.
  • At 75%, students who are separated from their spouses are the most likely to accept aid than students who are married (64.7%) or students who are unmarried (73.5%).
  • A higher number of White or Caucasian students receive student financial aid than all other races and ethnicities combined.
  • With an 80% 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 62%.

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.

  • Wyoming spends the most on student financial aid in terms of a percentage of their domestic product at 0.9%.
  • Wyoming also spends the most in terms of indirect student financial aid, spending $16,340 per student on higher education programs.
  • New Hampshire spends the least in terms of a percentage of their domestic product at 0.15%.
  • Tennessee spends the most per undergraduate student at $2,252.
  • Montana spends the least, at $36.

Student Financial Aid in Alabama

Alabama ranks 32nd in total student financial aid dollars, spending $80.3 million.

  • The State of Alabama spends an average of $453 per undergraduate student, or 0.72% of its domestic product.
  • 36.7% of undergraduates receive federal student loans.
  • 12.9% of undergraduates at 2-year institutions receive loans in the average amount of $5,162 each.
  • 47.3% of undergraduates at 4-year institutions receive loans in the average amount of $7,174 each.

Student Financial Aid in Alaska

Alaska ranks 38th in total financial aid dollars, spending $27.3 million.

  • The State of Alaska spends an average of $705 per undergraduate student, or 0.64% of its domestic product.
  • 22.4% of undergraduates receive federal student loans.
  • 68.4% of undergraduates at 2-year institutions receive loans in the average amount of $6,426 each.
  • 21.1% of undergraduates at 4-year institutions receive loans in the average amount of $6,585 each.

Student Financial Aid in Arizona

Arizona ranks 37th in total financial aid dollars, spending $28.6 million.

  • The State of Arizona spends an average of $76 per undergraduate student, or 0.22% of its domestic product.
  • 35.2% of undergraduates receive federal student loans.
  • 11.9% of undergraduates at 2-year institutions receive loans in the average amount of $4,685 each.
  • 49.4% of undergraduates at 4-year institutions receive loans in the average amount of $7,650 each.

Student Financial Aid in Arkansas

Arkansas ranks 28th in total financial aid dollars, spending $115.5 million.

  • The State of Arkansas spends an average of $1,171 per undergraduate student, or 0.69% of its domestic product.
  • 37.3% of undergraduates receive federal student loans.
  • 19.4% of undergraduates at 2-year institutions receive loans in the average amount of $4,815 each.
  • 45% of undergraduates at 4-year institutions receive loans in the average amount of $6,896 each.

Student Financial Aid in California

California ranks 1st in total financial aid dollars, spending $2.23 billion.

  • The State of California spends an average of $1,751 per undergraduate student, or 0.48% of its domestic product.
  • 16.5% of undergraduates receive federal student loans.
  • 3.5% of undergraduates at 2-year institutions receive loans in the average amount of $6,702 each.
  • 29.2% of undergraduates at 4-year institutions receive loans in the average amount of $6,610 each.

Student Financial Aid in Colorado

Colorado ranks 18th in total financial aid dollars, spending $185.8 million.

  • The State of Colorado spends an average of $540 per undergraduate student, or 0.24% of its domestic product.
  • 34.3% of undergraduates receive federal student loans.
  • 31.5% of undergraduates at 2-year institutions receive loans in the average amount of $5,722 each.
  • 35.4% of undergraduates at 4-year institutions receive loans in the average amount of $6,819 each.

Student Financial Aid in Connecticut

Connecticut ranks 21st in total financial aid dollars, spending $148.7 million.

  • The State of Connecticut spends an average of $321 per undergraduate student, or 0.39% of its domestic product.
  • 40.3% of undergraduates receive federal student loans.
  • 8.9% of undergraduates at 2-year institutions receive loans in the average amount of $6,226 each.
  • 52.3% of undergraduates at 4-year institutions receive loans in the average amount of $7,599 each.

Student Financial Aid in Delaware

Delaware ranks 39th in total financial aid dollars, spending $24.2 million.

  • The State of Delaware spends an average of $413 per undergraduate student, or 0.32% of its domestic product.
  • 42.8% of undergraduates receive federal student loans.
  • 66.1% of undergraduates at 2-year institutions receive loans in the average amount of $6,263 each.
  • 42.3% of undergraduates at 4-year institutions receive loans in the average amount of $6,283 each.

Student Financial Aid in District of Columbia

The District of Columbia ranks 36th in total student financial aid dollars, spending $32.4 million.

  • The District of Columbia spends an average of $618 per undergraduate student, or 0.06% of its domestic product.
  • 41.5% of undergraduates receive federal student loans.
  • 75.8% of undergraduates at 2-year institutions receive loans in the average amount of $7,094 each.
  • 41.1% of undergraduates at 4-year institutions receive loans in the average amount of $7,074 each.

Student Financial Aid in Florida

Florida ranks 4th in total financial aid dollars, spending $1.01 billion.

  • The State of Florida spends an average of $440 per undergraduate student, or 0.39% of its domestic product.
  • 30.4% of undergraduates receive federal student loans.
  • 43.6% of undergraduates at 2-year institutions receive loans in the average amount of $6,807 each.
  • 28.2% of undergraduates at 4-year institutions receive loans in the average amount of $6,999 each.

Student Financial Aid in Georgia

Georgia ranks 5th in total financial aid dollars, spending $888.4 million.

  • The State of Georgia spends an average of $2,160 per undergraduate student, or 0.45% of its domestic product.
  • 38.3% of undergraduates receive federal student loans.
  • 16.9% of undergraduates at 2-year institutions receive loans in the average amount of $5,962 each.
  • 45.7% of undergraduates at 4-year institutions receive loans in the average amount of $6,575 each.

Student Financial Aid in Hawaii

Hawaii ranks 50th in total financial aid dollars, spending $5.6 million.

  • The State of Hawaii spends an average of $102 per undergraduate student, or 0.78% of its domestic product.
  • 19.4% of undergraduates receive federal student loans.
  • 7.4% of undergraduates at 2-year institutions receive loans in the average amount of $5,916 each.
  • 28.9% of undergraduates at 4-year institutions receive loans in the average amount of $6,575 each.

Student Financial Aid in Idaho

Idaho ranks 46th in total student financial aid dollars, spending $15.5 million.

  • The State of Idaho spends an average of $101 per undergraduate student, or 0.60% of its domestic product.
  • 27.3% of undergraduates receive federal student loans.
  • 30.1% of undergraduates at 2-year institutions receive loans in the average amount of $4,522 each.
  • 26.2% of undergraduates at 4-year institutions receive loans in the average amount of $6,826 each.

Student Financial Aid in Illinois

Illinois ranks 12th in total student financial aid dollars, spending $397.8 million.

  • The State of Illinois spends an average of $1,131 per undergraduate student, or 0.48% of its domestic product.
  • 31.4% of undergraduates receive federal student loans.
  • 8.7% of undergraduates at 2-year institutions receive loans in the average amount of $4,952 each.
  • 52.7% of undergraduates at 4-year institutions receive loans in the average amount of $6,931 each.

Student Financial Aid in Indiana

Indiana ranks 14th in total financial aid dollars, spending $373 million.

  • The State of Indiana spends an average of $1,165 per undergraduate student, or 0.48% of its domestic product.
  • 37.7% of undergraduates receive federal student loans.
  • 20.8% of undergraduates at 2-year institutions receive loans in the average amount of $4,666 each.
  • 41.9% of undergraduates at 4-year institutions receive loans in the average amount of $6,538 each.

Student Financial Aid in Iowa

Iowa ranks 34th in total financial aid dollars, spending $62.6 million.

  • The State of Iowa spends an average of $495 per undergraduate student, or 0.42% of its domestic product.
  • 41.5% of undergraduates receive federal student loans.
  • 27.8% of undergraduates at 2-year institutions receive loans in the average amount of $5,506 each.
  • 53.6% of undergraduates at 4-year institutions receive loans in the average amount of $6,635 each.

Student Financial Aid in Kansas

Kansas ranks 40th in total student financial aid dollars, spending $22.4 million.

  • The State of Kansas spends an average of $163 per undergraduate student, or 0.45% of its domestic product.
  • 34.5% of undergraduates receive federal student loans.
  • 18.3% of undergraduates at 2-year institutions receive loans in the average amount of $5,515 each.
  • 46.6% of undergraduates at 4-year institutions receive loans in the average amount of $6,862 each.

Student Financial Aid in Kentucky

Kentucky ranks 17th in total financial aid dollars, spending $258.1 million.

  • The State of Kentucky spends an average of $1,615 per undergraduate student, or 0.44% of its domestic product.
  • 37.2% of undergraduates receive federal student loans.
  • 20.3% of undergraduates at 2-year institutions receive loans in the average amount of $5,324 each.
  • 46.7% of undergraduates at 4-year institutions receive loans in the average amount of $6,770 each.

Student Financial Aid in Louisiana

Louisiana ranks 15th in total financial aid dollars, spending $331.8 million.

  • The State of Louisiana spends an average of $1,632 per undergraduate student, or 0.45% of its domestic product.
  • 44.4% of undergraduates receive federal student loans.
  • 41.2% of undergraduates at 2-year institutions receive loans in the average amount of $6,148 each.
  • 44.6% of undergraduates at 4-year institutions receive loans in the average amount of $6,821 each.

Student Financial Aid in Maine

Maine ranks 45th in total student financial aid dollars, spending $17.5 million.

  • The State of Maine spends an average of $417 per undergraduate student, or 0.46% of its domestic product.
  • 42.8% of undergraduates receive federal student loans.
  • 27.7% of undergraduates at 2-year institutions receive loans in the average amount of $5,241 each.
  • 48% of undergraduates at 4-year institutions receive loans in the average amount of $6,456 each.

Student Financial Aid in Maryland

Maryland ranks 30th in total financial aid dollars, spending $108.2 million.

  • The State of Maryland spends an average of $548 per undergraduate student, or 0.48% of its domestic product.
  • 29.2% of undergraduates receive federal student loans.
  • 13.4% of undergraduates at 2-year institutions receive loans in the average amount of $5,752 each.
  • 38.4% of undergraduates at 4-year institutions receive loans in the average amount of $6,974 each.

Student Financial Aid in Massachusetts

Massachusetts ranks 22nd in total financial aid dollars, spending $146 million.

  • The State of Massachusetts spends an average of $342 per undergraduate student, or 0.28% of its domestic product.
  • 43% of undergraduates receive federal student loans.
  • 20.2% of undergraduates at 2-year institutions receive loans in the average amount of $4,653 each.
  • 49.9% of undergraduates at 4-year institutions receive loans in the average amount of $6,678 each.

Student Financial Aid in Michigan

Michigan ranks 27th in total financial aid dollars, spending $121.6 million.

  • The State of Michigan spends an average of $334 per undergraduate student, or 0.36% of its domestic product.
  • 38.9% of undergraduates receive federal student loans.
  • 17.9% of undergraduates at 2-year institutions receive loans in the average amount of $4,715 each.
  • 47.8% of undergraduates at 4-year institutions receive loans in the average amount of $6,831 each.

Student Financial Aid in Minnesota

Minnesota ranks 16th in total financial aid dollars, spending $302.4 million.

  • The State of Minnesota spends an average of $1,086 per undergraduate student, or 0.45% of its domestic product.
  • 40.9% of undergraduates receive federal student loans.
  • 27% of undergraduates at 2-year institutions receive loans in the average amount of $6,226 each.
  • 50.1% of undergraduates at 4-year institutions receive loans in the average amount of $6,936 each.

Student Financial Aid in Mississippi

Mississippi ranks 35th in total financial aid dollars, spending $42.2 million.

  • The State of Mississippi spends an average of $463 per undergraduate student, or 0.79% of its domestic product.
  • 37.4% of undergraduates receive federal student loans.
  • 20.3% of undergraduates at 2-year institutions receive loans in the average amount of $4,668 each.
  • 51.8% of undergraduates at 4-year institutions receive loans in the average amount of $7,671 each.

Student Financial Aid in Missouri

Missouri ranks 25th in total financial aid dollars, spending $128.9 million.

  • The State of Missouri spends an average of $594 per undergraduate student, or 0.29% of its domestic product.
  • 36.7% of undergraduates receive federal student loans.
  • 19.1% of undergraduates at 2-year institutions receive loans in the average amount of $4,086 each.
  • 43.5% of undergraduates at 4-year institutions receive loans in the average amount of $6,938 each.

Student Financial Aid in Montana

Montana ranks 52nd in total financial aid dollars, spending $1.3 million.

  • The State of Montana spends an average of $36 per undergraduate student, or 0.49% of its domestic product.
  • 39.5% of undergraduates receive federal student loans.
  • 24.7% of undergraduates at 2-year institutions receive loans in the average amount of $5,920 each.
  • 42.9% of undergraduates at 4-year institutions receive loans in the average amount of $6,739 each.

Student Financial Aid in Nebraska

Nebraska ranks 43rd in total financial aid dollars, spending $21.1 million.

  • The State of Nebraska spends an average of $286 per undergraduate student, or 0.58% of its domestic product.
  • 36.7% of undergraduates receive federal student loans.
  • 22.8% of undergraduates at 2-year institutions receive loans in the average amount of $3,862 each.
  • 45.1% of undergraduates at 4-year institutions receive loans in the average amount of $6,624 each.

Student Financial Aid in Nevada

Nevada ranks 33rd in total financial aid dollars, spending $72.4 million.

  • The State of Nevada spends an average of $462 per undergraduate student, or 0.38% of its domestic product.
  • 25.5% of undergraduates receive federal student loans.
  • 62.2% of undergraduates at 2-year institutions receive loans in the average amount of $6,816 each.
  • 21.9% of undergraduates at 4-year institutions receive loans in the average amount of $6,850 each.

Student Financial Aid in New Hampshire

New Hampshire ranks 51st in total financial aid dollars, spending $4.9 million.

  • The State of New Hampshire spends 0.15% of its domestic product on student financial aid.
  • 63.9% of undergraduates receive federal student loans.
  • 42.8% of undergraduates at 2-year institutions receive loans in the average amount of $5,917 each.
  • 66.1% of undergraduates at 4-year institutions receive loans in the average amount of $7,173 each.

Student Financial Aid in New Jersey

New Jersey ranks 7th in total financial aid dollars, spending $637 million.

  • The State of New Jersey spends an average of $2,038 per undergraduate student 0.33% of its domestic product.
  • 37% of undergraduates receive federal student loans.
  • 16.2% of undergraduates at 2-year institutions receive loans in the average amount of $6,022 each.
  • 50.4% of undergraduates at 4-year institutions receive loans in the average amount of $7,385 each.

Student Financial Aid in New Mexico

New Mexico ranks 31st in total financial aid dollars, spending $88.8 million.

  • The State of New Mexico spends an average of $2,242 per undergraduate student, or 0.78% of its domestic product.
  • 19.5% of undergraduates receive federal student loans.
  • 9.2% of undergraduates at 2-year institutions receive loans in the average amount of $4,672 each.
  • 32.4% of undergraduates at 4-year institutions receive loans in the average amount of $6,700 each.

Student Financial Aid in New York

New York ranks 3rd in total student financial aid dollars, spending $1.16 billion.

  • The State of New York spends an average of $1,371 per undergraduate student, or 0.35% of its domestic product.
  • 33.2% of undergraduates receive federal student loans.
  • 17.2% of undergraduates at 2-year institutions receive loans in the average amount of $5,470 each.
  • 39.2% of undergraduates at 4-year institutions receive loans in the average amount of $6,611 each.

Student Financial Aid in North Carolina

North Carolina ranks 13th in total student financial aid dollars, spending $391.5 million.

  • The State of North Carolina spends an average of $1,180 per undergraduate student, or 0.72% of its domestic product.
  • 34.5% of undergraduates receive federal student loans.
  • 12.8% of undergraduates at 2-year institutions receive loans in the average amount of $6,264 each.
  • 52% of undergraduates at 4-year institutions receive loans in the average amount of $6,740 each.

Student Financial Aid in North Dakota

North Dakota ranks 42nd in total student financial aid dollars, spending $21.2 million.

  • The State of North Dakota spends an average of $481 per undergraduate student, or 0.65% of its domestic product.
  • 42.1% of undergraduates receive federal student loans.
  • 28.5% of undergraduates at 2-year institutions receive loans in the average amount of $6,303 each.
  • 44.8% of undergraduates at 4-year institutions receive loans in the average amount of $6,566 each.

Student Financial Aid in Ohio

Ohio ranks 23rd in total financial aid dollars, spending $136.4 million.

  • The State of Ohio spends an average of $347 per undergraduate student, or 0.34% of its domestic product.
  • 42.5% of undergraduates receive federal student loans.
  • 28.1% of undergraduates at 2-year institutions receive loans in the average amount of $5,095 each.
  • 47.7% of undergraduates at 4-year institutions receive loans in the average amount of $6,611 each.

Student Financial Aid in Oklahoma

Oklahoma ranks 29th in total student financial aid dollars, spending $108.8 million.

  • The State of Oklahoma spends an average of $831 per undergraduate student, or 0.37% of its domestic product.
  • 31.8% of undergraduates receive federal student loans.
  • 20.7% of undergraduates at 2-year institutions receive loans in the average amount of $5,250 each.
  • 43.1% of undergraduates at 4-year institutions receive loans in the average amount of $7,085 each.

Student Financial Aid in Oregon

Oregon ranks 20th in total student financial aid dollars, spending $175.5 million.

  • The State of Oregon spends an average of $658 per undergraduate student, or 0.35% of its domestic product.
  • 36.6% of undergraduates receive federal student loans.
  • 25.5% of undergraduates at 2-year institutions receive loans in the average amount of $5,544 each.
  • 45.9% of undergraduates at 4-year institutions receive loans in the average amount of $6,685 each.

Student Financial Aid in Pennsylvania

Pennsylvania ranks 10th in total student financial aid dollars, spending $416.2 million.

  • The State of Pennsylvania spends an average of $1,010 per undergraduate student, or 0.22% of its domestic product.
  • 52.5% of undergraduates receive federal student loans.
  • 36.3% of undergraduates at 2-year institutions receive loans in the average amount of $5,982 each.
  • 58% of undergraduates at 4-year institutions receive loans in the average amount of $6,835 each.

Student Financial Aid in Rhode Island

Rhode Island ranks 47th in total financial aid dollars, spending $10 million.

  • The State of Rhode Island spends an average of $166 per undergraduate student, or 0.33% of its domestic product.
  • 47.7% of undergraduates receive federal student loans.
  • 13.7% of undergraduates at 2-year institutions receive loans in the average amount of $5,320 each.
  • 55.3% of undergraduates at 4-year institutions receive loans in the average amount of $6,586 each.

Student Financial Aid in South Carolina

South Carolina ranks 9th in total financial aid dollars, spending $421.3 million.

  • The State of South Carolina spends an average of $3,052 per undergraduate student, or 0.31% of its domestic product.
  • 42.5% of undergraduates receive federal student loans.
  • 24.7% of undergraduates at 2-year institutions receive loans in the average amount of $5,472 each.
  • 51.1% of undergraduates at 4-year institutions receive loans in the average amount of $6,988 each.

Student Financial Aid in South Dakota

South Dakota ranks 48th in total financial aid dollars, spending $7.1 million

  • The State of South Dakota spends an average of $139 per undergraduate student, or 0.44% of its domestic product.
  • 51% of undergraduates receive federal student loans.
  • 63% of undergraduates at 2-year institutions receive loans in the average amount of $6,146 each.
  • 48.8% of undergraduates at 4-year institutions receive loans in the average amount of $6,527 each.

Student Financial Aid in Tennessee

Tennessee ranks 8th in total student financial aid dollars, spending $454.3 million.

  • The State of Tennessee spends an average of $2,252 per undergraduate student, or 0.41% of its domestic product.
  • 33.3% of undergraduates receive federal student loans.
  • 9.7% of undergraduates at 2-year institutions receive loans in the average amount of $5,949 each.
  • 48.4% of undergraduates at 4-year institutions receive loans in the average amount of $7,223 each.

Student Financial Aid in Texas

Texas ranks 2nd in total student financial aid dollars, spending $1.2 billion.

  • The State of Texas spends an average of $1,235 per undergraduate student, or 0.39% of its domestic product.
  • 28.3% of undergraduates receive federal student loans.
  • 14% of undergraduates at 2-year institutions receive loans in the average amount of $5,462 each.
  • 38.8% of undergraduates at 4-year institutions receive loans in the average amount of $6,843 each.

Student Financial Aid in Utah

Utah ranks 19th in total financial aid dollars, spending $178.9 million.

  • The State of Utah spends an average of $56 per undergraduate student, or 0.57% of its domestic product.
  • 29.3% of undergraduates receive federal student loans.
  • 10.9% of undergraduates at 2-year institutions receive loans in the average amount of $4,206 each.
  • 33.1% of undergraduates at 4-year institutions receive loans in the average amount of $6,296 each.

Student Financial Aid in Vermont

Vermont ranks 41st in total financial aid dollars, spending $21.5 million.

  • The State of Vermont spends an average of $569 per undergraduate student, or 0.27% of its domestic product.
  • 43.5% of undergraduates receive federal student loans.
  • 13.4% of undergraduates at 2-year institutions receive loans in the average amount of $4,578 each.
  • 48.8% of undergraduates at 4-year institutions receive loans in the average amount of $6,845 each.

Student Financial Aid in Virginia

Virginia ranks 6th in total student financial aid dollars, spending $844 million.

  • The State of Virginia spends an average of $1,391 per undergraduate student, or 0.38% of its domestic product.
  • 35.6% of undergraduates receive federal student loans.
  • 11.6% of undergraduates at 2-year institutions receive loans in the average amount of $5,582 each.
  • 49.7% of undergraduates at 4-year institutions receive loans in the average amount of $7,161 each.

Student Financial Aid in Washington

Washington ranks 11th in total student financial aid dollars, spending $403.7 million.

  • The State of Washington spends an average of $1,168 per undergraduate student, or 0.34% of its domestic product.
  • 24.4% of undergraduates receive federal student loans.
  • 13.4% of undergraduates at 2-year institutions receive loans in the average amount of $5,549 each.
  • 25.1% of undergraduates at 4-year institutions receive loans in the average amount of $6,214 each.

Student Financial Aid in West Virginia

West Virginia ranks 26th in total financial aid dollars, spending $123.5 million.

  • The State of West Virginia spends an average of $1,010 per undergraduate student, or 0.56% of its domestic product.
  • 35.7% of undergraduates receive federal student loans.
  • 23.5% of undergraduates at 2-year institutions receive loans in the average amount of $5,017 each.
  • 38.4% of undergraduates at 4-year institutions receive loans in the average amount of $7,277 each.

Student Financial Aid in Wisconsin

Wisconsin ranks 24th in total financial aid dollars, spending $135.1 million.

  • The State of Wisconsin spends an average of $601 per undergraduate student, or 0.45% of its domestic product.
  • 41.6% of undergraduates receive federal student loans.
  • 28.4% of undergraduates at 2-year institutions receive loans in the average amount of $4,909 each.
  • 47.2% of undergraduates at 4-year institutions receive loans in the average amount of $6,369 each.

Student Financial Aid in Wyoming

Wyoming ranks 44th in total financial aid dollars, spending $18.1 million.

  • The State of Wyoming spends $16,340 per pupil on student financial aid, or 0.9% of their domestic product.
  • 21.9% of undergraduates receive federal student loans.
  • 15.6% of undergraduates at 2-year institutions receive loans in the average amount of $6,164 each.
  • 34.4% of undergraduates at 4-year institutions receive loans in the average amount of $5,038 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 2020
  4. U.S. Department of Education (ED), Office of Postsecondary Education
  5. ED Office of Federal Student Aid, Types of Financial Aid
  6. National Science Board, Science and Engineering Indicators: Higher Education.
  7. National Association of State Student Grant and Aid Programs, Annual Survey
  8. NCES, The Condition of Education 2020
  9. Columbia College, Financial Aid and Educational Financing Facts and Figures
  10. U.S. Department of Veterans Affairs, Education and Training: Other VA Education Benefits