For aided low-income students, aid covered almost half (48 percent) of the student budget, on average, at public 2-year institutions. At both types of public 4-year institutions and at private not-for-profit nondoctoral institutions, aid covered 64 to 68 percent of the student budget, and at private not-for-profit doctoral and liberal arts institutions, it covered 75 percent. For aided middle-income students, aid covered 29 percent of the student budget, on average, at public 2-year institutions, 46 to 50 percent at public 4-year institutions, and 62 to 63 percent at private not-for-profit 4-year institutions.

At each type of institution, low-income students had more of their budget covered by financial aid than middle-income students, on average, and a greater proportion was covered by grants. For low-income students, 39 to 49 percent of their student budget was covered by grants, on average, depending on the type of institution they attended. For middle-income students, the percentage of their student budget covered by grants did not exceed 16 percent at public institutions, but in the private not-for-profit sector, it was higher: 32 percent at nondoctoral institutions and 37 percent at doctoral and liberal arts institutions. The percentage of the total student budget covered by loans was greater for middle-income students than for low-income students except at private not-for-profit doctoral and liberal arts institutions, where no difference was detected.