amount of money in student financial aid
1 Average amount of grant and scholarship aid and average net price for first-time, full-time students receiving Title IV aid, by control and level of institution and income level: 2009-10 through 2012-13. 2  2015, Digest of Education Statistics 2014, Table 331.90. For 2-year institutions, the percentage of first-time, full-time degree/certificate-seeking undergraduate students receiving any financial aid increased from 68 percent in 2007–08 to 78 percent in 2012–13. The percentage of students at 4-year institutions receiving student loan aid was highest at private for-profit institutions (79 percent). In comparison, 62 percent of students at private nonprofit institutions and 51 percent of students at public institutions received student loan aid. That’s because many federal loans and grants are awarded on a first-come, first-served basis. Even if the university has a much later deadline, it helps to submit the document as soon after Jan. 1 as possible. By Daniel Kurt AAA |. As the price of a college education continues to soar, many American families are counting on significant outside help to foot the bill. Consider that the average cost of an out-of-state public university is now more than $22,000 per year, according to The College Board. For private schools, tuition and fees often exceed $30,000. For students who haven't earned lucrative scholarships, need-based financial aid can play a vital role. The key to receiving a generous package rests in large part on the Free Application for Federal Student Aid form, better known as the FAFSA. Grants. Grants are financial aid that you don’t have to repay. Generally, you must be an undergraduate student, and the amount you receive depends on your need, cost of attendance, and enrollment status (full time or part time). The maximum amount a student can receive in Federal Pell Grant money for the 2012-2013 award year (July 1, 2013, to June 30, 2014) is $5,635. The percentage of students at 2-year institutions receiving student loan aid was highest at private for-profit institutions (76 percent), compared with private nonprofit institutions (61 percent) and public institutions (27 percent). SOURCE: U.S. Department of Education, National Center for Education Statistics. You don’t have to pay anyone for assistance. 1  How much financial aid you receive depends on such factors as your financial need, the amount of other aid you’ll receive, and the availability of funds at your school. 2  Each school sets its own deadlines for students to apply for campus-based funds. The percentage of students receiving aid at 4-year private for-profit institutions was 76 percent in 2007–08 and 89 percent in 2012–13, a difference of 13 percentage points. Make sure they have all the information they need to determine your eligibility. The financial aid administrator will review your SAR, and if you’re eligible, will prepare a letter outlining the amount of aid (from all sources) the school will offer you.
$5,635.