Chapter 2. School-Related Characteristics

Indicator 20. Financial Aid

In the 2007–08 academic year, 80 percent of full-time, full-year undergraduate students received any kind of financial aid. The coverage of financial aid differed by type of aid and control of institution. Some 97 percent of students at private for-profit institutions were awarded aid, compared with 89 percent of students at private not-for-profit institutions and 74 percent of students at public institutions. Grants were awarded to 81 percent of students at private not-for-profit institutions, compared with 72 percent of students at private for-profits and 58 percent of students at public schools. Private for-profit institutions also awarded loans to the greatest percentage of students (92 percent). In addition, a higher percentage of students at private not-for-profits received work study awards (31 percent) than did students at public (9 percent) and private for-profit institutions (2 percent).

Students receiving aid received an average of $13,000 (in constant 2009–10 dollars) for that year. Students, on average, received $7,300 in grants, $9,700 in loans, and $2,300 in federal work-study. The amount and distribution of aid from different sources varied according to the control and level of institution. Public institutions offered less aid than the average for all institutions, while private not-for-profit institutions (with the exception of federal work-study) offered more. Private for-profit institutions awarded, on average, smaller grants than the average for all institutions ($4,100 vs. $7,300), but larger loans ($10,500 vs. $9,700) and federal work-study ($3,600 vs. $2,300). Private not-for-profit 4-year doctoral institutions awarded more financial aid from all sources than public 4-year doctoral institutions ($22,700 vs. $11,700). Private not-for-profit institutions awarded a higher average amount in grants ($12,400) than either public institutions ($5,500) or private for-profit institutions ($4,100); they also distributed the highest average amount in loans ($12,400). Federal work-study awards were highest at private for-profit institutions ($3,600) but 2 percent of students received these awards.

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