The percentage of undergraduates receiving financial aid, the types of aid received, and the average amounts varied by the type of institution attended. At public 2-year institutions, 38 percent of all undergraduates received financial aid in 1999–2000, with an average award of $2,300. One-third (33 percent) of the public 2-year students received a grant (averaging $1,600), and 7 percent took out a student loan (averaging $3,300). These percentages and average amounts were lower than those in any other sectors, reflecting the lower tuition and the high percentage of part-time and part-year students (81 percent) at public 2-year institutions.

At public 4-year institutions, 62 percent of all undergraduates received financial aid, with an average award of $6,200. The percentage awarded grants was higher than the percentage taking out student loans (46 vs. 40 percent), but the average grant amount was lower than the average loan amount ($3,200 vs. $4,800).

At private not-for-profit 4-year institutions, 76 percent of all undergraduates received financial aid, and the average amount was $11,600. About two-thirds of undergraduates (66 percent) had grants, and one-half took out student loans. The average grant amount was higher than the average loan amount ($7,000 vs. $6,200).

At private for-profit institutions, 85 percent of undergraduates received financial aid, including 67 percent with loans and 60 percent with grants. Students enrolled at private for-profit institutions were more likely to be low income than those at the other types of institutions.