Financial Aid for School

Financial Aid for School

Students are consistency turning to financial aid to help pay for school. According to the 2003 National Postsecondary Student Aid Study hosted by the U.S. Department of education, seeking financial aid for school is a growing trend. Overall, the study found that 63 percent of all undergraduates seeking a degree during the 2003-04 school year received some sort of financial aid. 

Out of the 63 percent, 28 percent of students were awarded a Federal Supplemental Educational Opportunity Grant or a Federal Pell Grant. Another 18 percent received institutional grants and 15 percent took advantage of state grants. Lastly, 15 percent earned grants from external sources such as private foundations and employers.

Taking a closer look at financial aid for school, 69 percent of undergraduates enrolled in a public 4-year school received student aid. More than half of those students received grants and the rest took out student loans. The average grant amount was $4,000 and the average student loan amount was $5,600.

The number jumps considerably higher when looking at the amount of assistance required by students attending private, for-profit schools. Here, 89 percent of undergraduates required financial aid for school. Seventy-three percent of those students paid for college with the help of a federal or private student loan. On average, a grant received by an undergraduate at a for-profit school was $3,300. The average student loan was 6,800.

Whether it is through grants or student loans, one thing is for certain – the need for student aid is on the rise. More and more students find themselves turning to federal and private loan programs to help fund their education and other related expenses. As tuition and fees increase – and federal financial aid stays the same – undergraduates have to consider alternative options to pay for college. The good news is, there is plenty of financial aid for school out there. It’s simply a matter of applying for it.