Financial aid is an important part of higher education and is often a deciding factor for students when considering which college to attend. Knowing the facts about financial aid can help students make informed decisions about their college choices. This article will provide an overview of financial aid statistics and answer some frequently asked questions about financial aid.
Financial Aid Statistics
There are a few key financial aid statistics that students should be aware of when considering college. According to the National Center for education Statistics, in the 2017-2018 academic year, undergraduate students received $134.9 billion in financial aid. Of that total, $118.8 billion was in the form of grants, $7.6 billion was in the form of loans, and $8.5 billion was in the form of work-study.
In addition, the National Center for education Statistics found that in the 2017-2018 academic year, the average amount of financial aid per full-time undergraduate student was $14,460. This amount is broken down into $7,170 in grants, $4,160 in loans, and $2,130 in work-study.
Finally, the National Center for education Statistics found that in the 2017-2018 academic year, the average amount of financial aid per full-time dependent undergraduate student was $14,960. This amount is broken down into $7,680 in grants, $4,180 in loans, and $2,100 in work-study.
Types of Financial Aid
There are several types of financial aid available to students. The most common types of financial aid are grants, loans, and work-study. Grants are awards of money that do not need to be repaid. Loans are borrowed money that must be repaid with interest. Work-study is a program that allows students to work part-time in order to earn money to help pay for college.
In addition to grants, loans, and work-study, there are other types of financial aid available to students. These include scholarships, tuition waivers, and employer tuition assistance. Scholarships are awards of money that do not need to be repaid. Tuition waivers are awards of money that reduce the amount of tuition a student needs to pay. Employer tuition assistance is money provided by employers to help employees pay for college.
Financial Aid Eligibility
In order to be eligible for financial aid, students must meet certain requirements. In general, students must be a U.S. citizen or eligible non-citizen, have a valid Social Security number, and be enrolled in an eligible degree or certificate program. In addition, students must demonstrate financial need in order to be eligible for certain types of financial aid, such as grants and work-study.
Financial Aid Application
In order to apply for financial aid, students must complete the Free Application for Federal Student Aid (FAFSA). The FAFSA is a form that collects information about a student’s financial situation in order to determine their eligibility for financial aid. The FAFSA must be completed each year in order to receive financial aid.
Frequently Asked Questions
What is financial aid?
Financial aid is money provided to students to help pay for college. Financial aid can come in the form of grants, loans, work-study, scholarships, tuition waivers, and employer tuition assistance.
Who is eligible for financial aid?
In order to be eligible for financial aid, students must be a U.S. citizen or eligible non-citizen, have a valid Social Security number, and be enrolled in an eligible degree or certificate program. In addition, students must demonstrate financial need in order to be eligible for certain types of financial aid, such as grants and work-study.
How do I apply for financial aid?
In order to apply for financial aid, students must complete the Free Application for Federal Student Aid (FAFSA). The FAFSA is a form that collects information about a student’s financial situation in order to determine their eligibility for financial aid. The FAFSA must be completed each year in order to receive financial aid.
