As financial aid professionals, we've all been faced with that "easy" question we should know, but for some reason the answer escapes us. To help, NASFAA has designed this Frequently Asked Questions (FAQ) set to provide answers for those broad, basic student aid questions that come up from time to time. In addition, we have listed where the information can be found, the date of the information, and the date NASFAA posted the information.
If you identify a question you would like to see added to the FAQ, or if you have the answer to a general financial aid question that would benefit others, please send an e-mail to Research@NASFAA.org
What percentage of undergraduates receive financial aid?
Two-Year Public Colleges 46.8%
Four-Year Public Colleges and Universities 68.6%
Four-Year Private Colleges and Universities 83.3%
Private, for Profit (Proprietary) Institutions 89.9%
Total (All Institutional Types) 63.2%
Data Date: Award Year 2003-2004
Source: U.S. Department of Education, National Center for Education Statistics, 2000 National Postsecondary Student Aid Study, Undergraduate Data Analysis System, May 2005.
What is the average cost of a two-year public institution in 2005-2006?
Tuition and Fees: $2,191
Room and Board: $5,909
Books and Supplies: $801
Source: The College Board, Trends in College Pricing 2005, Table 2, pg. 6.
What is the average cost of a four-year public institution in 2005-2006?
Tuition and Fees: $5,491
Room and Board: $6,636
Books and Supplies: $894
Source: The College Board, Trends in College Pricing 2005, Table 2, pg. 6.
What is the average cost of a four-year private institution 2005-2006?
Tuition and Fees: $21,235
Room and Board: $7,791
Books and Supplies: $904
Source: The College Board, Trends in College Pricing 2005, Table 2, pg. 6.
What is the current default rate?
According to a US Department of Education press release dated September 14, 2005, the national default rate for FFEL and Direct Loan programs was 4.5%.
Source: http://www.ed.gov/news/pressreleases/2005/09/09142005.html
How many students are in default?
As of September 14, 2005, the number of students in default for FFEL and Direct Loans was 116,031.
Source: http://www.ifap.ed.gov/DefaultManagement/DefaultManagement.html
The number of defaulters is based on borrowers who began repaying their loans between October 1, 2002, and September 30, 2003, and who defaulted between October 1, 2002 and September 30, 2004.
How much federal funding is appropriated for financial aid programs?
|
Program |
Appropriated (in thousands of dollars) |
|
Pell Grants |
$ 12,364,997 |
|
FSEOG |
778,720 |
|
Federal Work Study |
990,257 |
|
Perkins Loans |
66,132 |
Data Date: Federal Fiscal Year 2005 (Award Year 2005-2006)
Source: http://www.ed.gov/bout/overview/budget/budget05/05action.pdf
What was the average grant, loan, and work award for undergraduates?
|
Program |
Amount (in whole dollars) |
|
Pell Grants |
$ 2,491 |
|
Federal Student Loans (FFEL and Direct): |
|
|
Stafford Loans |
3,232 |
|
Unsub. Stafford Loans |
3,559 |
|
PLUS |
9,019 |
|
|
|
|
|
Federal Work Study |
1,818 |
|
Perkins Loans |
1,945 |
|
FSEOG |
698 |
Data Date: Award Year 2003-2004
Source: U.S. Department of Education, 2004 National Postsecondary Student
Aid Study.
How many aid awards are granted to undergraduates?
|
Program |
Awards (in thousands) |
|
Pell Grants |
5,098 |
|
Federal Student Loans (FFEL and Direct): |
|
|
Stafford Loans |
5,276 |
|
Unsub. Stafford Loans |
3,934 |
|
PLUS |
634 |
|
|
|
Federal Work Study |
1,061 |
|
Perkins Loans |
683 |
|
FSEOG |
1,269 |
Data Date: Award Year 2003-2004
Source: U.S. Department of Education, 2004 National Postsecondary Student Aid Study.
How many undergraduate students receive financial aid?
In 2003-2004, the number of undergraduates (unduplicated) receiving aid was approxiately 12.05 million.
Data Date: 2003-2004
Source: U.S. Department of Education, 2004 National Postsecondary Student Aid Study
What is the average cumulative federal student loan debt for undergraduates who completed degree or certificate programs?
Four-Year Public Institutions: $15,982
Four-Year Private Institutions: $18,206
Two-Year Public Institutions: $8,004
Proprietay (Private, For Profit) Institution: $8,157
Data Date: 2003-2004
Source: U.S. Department of Education, 2004 National Postsecondary Student Aid Study, Data Analysis System, May 2005. Figures includes debt from Federal Stafford Subsidized and Unsubsidized Loans and Federal Perkins Loans.
Updated October 21, 2005 NASFAA Web Site www.NASFAA.org
National Association of Student Financial Aid Administrators
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