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Postsecondary Education

Sources of Financial Aid

Last Updated: August 2023
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At 4-year degree-granting postsecondary institutions, the percentage of first-time, full-time degree/certificate-seeking undergraduate students who were awarded financial aid in 2020–21 was higher at private nonprofit institutions (91 percent) than at public and private for-profit institutions (both 85 percent).
Grants and scholarships1 and loans are the major forms of federal financial aid for first-time, full-time degree/certificate-seeking undergraduate students. These are distinct forms of financial aid. Loans typically have to be repaid, whereas grants do not. The largest federal grant program available to undergraduate students is the Federal Pell Grant program. A student must demonstrate financial need to qualify for a Federal Pell Grant. Some federal loan programs are available to all students, and some are based on financial need. Other sources of financial aid include state and local governments, institutions, and private sources, as well as private loans. This indicator only discusses forms of financial aid provided directly to students. Student loans include only loans for which the student is the designated borrower. They do not include Direct PLUS Loans2 or other loans made directly to parents.

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Level of institution + Control of institution
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All available findings Time series
Percentage of Students Awarded Financial Aid
Figure 1. Percentage of first-time, full-time degree/certificate-seeking undergraduate students awarded financial aid at 4-year degree-granting postsecondary institutions, by control of institution: 2010–11 through 2020–21
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NOTE: Data represent the 50 states and the District of Columbia. Degree-granting institutions grant associate’s or higher degrees and participate in Title IV federal financial aid programs. Student financial aid includes any federal and private loans to students and federal, state/local, and institutional grants and scholarships. Student loans include only loans made directly to students; they do not include Parent PLUS Loans or other loans made directly to parents.

SOURCE: U.S. Department of Education, National Center for Education Statistics, Integrated Postsecondary Education Data System (IPEDS), Winter 2011–12 through Winter 2021–22, Student Financial Aid component. See Digest of Education Statistics 2022, table 331.20; and Digest of Education Statistics 2016, table 331.20.

At 4-year degree-granting postsecondary institutions overall, the percentage of first-time, full-time degree/certificate-seeking undergraduate students awarded financial aid increased from 85 to 87 percent between 2010–11 and 2020–21. However, changes differed by control of institution (i.e., public, private nonprofit, and private for-profit). Between 2010–11 and 2020–21, the percentage of students awarded aid at 4-year institutions
  • increased at public institutions (from 83 to 85 percent);
  • increased at private nonprofit institutions (from 89 to 91 percent); and
  • decreased at private for-profit institutions (from 91 to 85 percent).
[Time series ]
Figure 2. Percentage of first-time, full-time degree/certificate-seeking undergraduate students awarded financial aid at 2-year degree-granting postsecondary institutions, by control of institution: 2010–11 through 2020–21
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NOTE: Data represent the 50 states and the District of Columbia. Degree-granting institutions grant associate’s or higher degrees and participate in Title IV federal financial aid programs. Student financial aid includes any federal and private loans to students and federal, state/local, and institutional grants and scholarships. Student loans include only loans made directly to students; they do not include Parent PLUS Loans or other loans made directly to parents.

SOURCE: U.S. Department of Education, National Center for Education Statistics, Integrated Postsecondary Education Data System (IPEDS), Winter 2011–12 through Winter 2021–22, Student Financial Aid component. See Digest of Education Statistics 2022, table 331.20; and Digest of Education Statistics 2016, table 331.20.

At 2-year degree-granting postsecondary institutions overall, the percentage of first-time, full-time degree/certificate-seeking undergraduate students awarded financial aid increased from 77 to 82 percent between 2010–11 and 2020–21. Over this period, the percentage of students awarded aid at 2-year institutions
  • increased at public institutions (from 74 to 81 percent);
  • showed no consistent trend at private nonprofit institutions (ranging between approximately 90 and 96 percent); and
  • showed no consistent trend at private for-profit institutions (ranging between approximately 84 and 91 percent).
[Time series ]
Percentage of Students Awarded Different Types of Aid
Figure 3. Percentage of first-time, full-time degree/certificate-seeking undergraduate students awarded financial aid, by type of financial aid: 2010–11 through 2020–21
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1 Student loans include only loans made directly to students; they do not include Parent PLUS Loans or other loans made directly to parents.

NOTE: Data represent the 50 states and the District of Columbia. Degree-granting institutions grant associate’s or higher degrees and participate in Title IV federal financial aid programs. Student financial aid includes any federal and private loans to students and federal, state/local, and institutional grants and scholarships. In this figure, the term “grants” refers to “grants and scholarships.”

SOURCE: U.S. Department of Education, National Center for Education Statistics, Integrated Postsecondary Education Data System (IPEDS), Winter 2011–12 through Winter 2021–22, Student Financial Aid component. See Digest of Education Statistics 2022, table 331.20; and Digest of Education Statistics 2016, table 331.20.

The percentage of first-time, full-time degree/certificate-seeking undergraduates overall who were awarded financial aid increased from 82 to 86 percent between 2010–11 and 2020–21. Over this period, the percentage of students awarded aid
  • increased for state or local grants (from 31 to 34 percent);
  • increased for institutional grants (from 36 to 53 percent);
  • decreased for student loans (from 50 to 38 percent); and
  • decreased for federal grants from 2010–11 to 2018–19 (from 48 to 42 percent) before increasing 10 percentage points, to 52 percent, in 2019–20 and then decreasing to 51 percent in 2020–21.
[Time series ]
Figure 4. Percentage of first-time, full-time degree/certificate-seeking undergraduate students awarded financial aid at 4-year degree-granting postsecondary institutions, by type of financial aid and control of institution: 2020–21
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1 Student loans include only loans made directly to students; they do not include Parent PLUS Loans or other loans made directly to parents.

NOTE: Data represent the 50 states and the District of Columbia. Degree-granting institutions grant associate’s or higher degrees and participate in Title IV federal financial aid programs. Student financial aid includes any federal and private loans to students and federal, state/local, and institutional grants and scholarships. In this figure, the term “grants” refers to “grants and scholarships.” Although rounded numbers are displayed, the figures are based on unrounded data.

SOURCE: U.S. Department of Education, National Center for Education Statistics, Integrated Postsecondary Education Data System (IPEDS), Winter 2021–22, Student Financial Aid component. See Digest of Education Statistics 2022, table 331.20.

The percentage of first-time, full-time degree/certificate-seeking undergraduate students at 4-year institutions who were awarded specific types of financial aid in 2020–21 varied by control of institution. Each institutional control type had the highest percentage of students who were awarded at least one type of financial aid and the lowest percentage of students who were awarded another type of aid.
The percentage of students who were awarded federal grants was
  • highest at private for-profit institutions (68 percent); and
  • lowest at private nonprofit institutions (41 percent).
The percentage of students who were awarded state/local grants was
  • highest at public institutions (38 percent); and
  • lowest at private for-profit institutions (9 percent).
The percentage of students who were awarded institutional grants was
  • highest at private nonprofit institutions (84 percent); and
  • lowest at private for-profit institutions (37 percent).
The percentage of students who were awarded student loans was
  • highest at private for-profit institutions (67 percent); and
  • lowest at public institutions (37 percent).
Figure 5. Percentage of first-time, full-time degree/certificate-seeking undergraduate students awarded financial aid at 2-year degree-granting postsecondary institutions, by type of financial aid and control of institution: 2020–21
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1 Student loans include only loans made directly to students; they do not include Parent PLUS Loans or other loans made directly to parents.

NOTE: Data represent the 50 states and the District of Columbia. Degree-granting institutions grant associate’s or higher degrees and participate in Title IV federal financial aid programs. Student financial aid includes any federal and private loans to students and federal, state/local, and institutional grants and scholarships. In this figure, the term “grants” refers to “grants and scholarships.”

SOURCE: U.S. Department of Education, National Center for Education Statistics, Integrated Postsecondary Education Data System (IPEDS), Winter 2021–22, Student Financial Aid component. See Digest of Education Statistics 2022, table 331.20.

The percentage of first-time, full-time degree/certificate-seeking undergraduate students at 2-year institutions who were awarded specific types of financial aid in 2020–21 also varied by control of institution.
The percentage of students who were awarded federal grants was
  • highest at private nonprofit institutions (79 percent); and
  • lowest at public institutions (60 percent).
The percentage of students who were awarded state/local grants was
  • highest at public institutions (45 percent); and
  • lowest at private for-profit institutions (5 percent).
The percentage of students awarded institutional grants was
  • highest at private nonprofit institutions (26 percent); and
  • lowest at private for-profit institutions (18 percent).
The percentage of students who were awarded student loans was
  • highest at private for-profit institutions (74 percent); and
  • lowest at public institutions (15 percent).
At 2-year institutions, there were particularly large differences between public and private institutions in the percentage of students who received state/local grants and student loans. The percentage of students who received state/local grants was more than four times as high at public institutions compared with both private nonprofit and private for-profit institutions. In contrast, the percentage of students who received student loans was more than four times as high at private nonprofit and private for-profit institutions compared with public institutions.
Average Award Amounts for Different Types of Aid
Figure 6. Average amount of financial aid awarded to first-time, full-time degree/certificate-seeking undergraduate students at 4-year degree-granting postsecondary institutions, by type of financial aid and control of institution: 2020–21
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[in constant 2021–22 dollars]
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1 Student loans include only loans made directly to students; they do not include Parent PLUS Loans or other loans made directly to parents.

NOTE: Data represent the 50 states and the District of Columbia. Degree-granting institutions grant associate’s or higher degrees and participate in Title IV federal financial aid programs. Student financial aid includes any federal and private loans to students and federal, state/local, and institutional grants and scholarships. Award amounts are in constant 2021–22 dollars, based on the Consumer Price Index (CPI), which is prepared by the Bureau of Labor Statistics, U.S. Department of Labor, and adjusted to an academic-year basis. Averages exclude students who were not awarded financial aid. In this figure, the term “grants” refers to “grants and scholarships.” Although rounded numbers are displayed, the figures are based on unrounded data.

SOURCE: U.S. Department of Education, National Center for Education Statistics, Integrated Postsecondary Education Data System (IPEDS), Winter 2021–22, Student Financial Aid component. See Digest of Education Statistics 2022, table 331.20.

For every type of financial aid, the average amount3 of aid awarded to first-time, full-time degree-seeking undergraduates at 4-year institutions in 2020–21 was higher at private nonprofit institutions, which also had higher average total cost of attendance, than at public or private for-profit institutions (for more information on total cost of attendance, see indicator Price of Attending an Undergraduate Institution). Across 4-year institutions in 2020–21, average award amounts for
  • federal grants ranged from $4,900 at public institutions to $5,400 at private nonprofit institutions;
  • state/local grants ranged from $3,900 at private for-profit institutions to $5,000 at private nonprofit institutions;
  • institutional grants were more than three times higher at private nonprofit institutions ($25,400) than at public and private for-profit institutions (both $6,600); and
  • student loans were higher at private nonprofit ($8,800) and private for-profit ($8,700) institutions than at public institutions ($7,500).
Figure 7. Average amount of financial aid awarded to first-time, full-time degree/certificate-seeking undergraduate students at 2-year degree-granting postsecondary institutions, by type of financial aid and control of institution: 2020–21
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[in constant 2021–22 dollars]
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1 Student loans include only loans made directly to students; they do not include Parent PLUS Loans or other loans made directly to parents.

NOTE: Data represent the 50 states and the District of Columbia. Degree-granting institutions grant associate’s or higher degrees and participate in Title IV federal financial aid programs. Student financial aid includes any federal and private loans to students and federal, state/local, and institutional grants and scholarships. Award amounts are in constant 2021–22 dollars, based on the Consumer Price Index (CPI), which is prepared by the Bureau of Labor Statistics, U.S. Department of Labor, and adjusted to an academic-year basis. Averages exclude students who were not awarded financial aid. In this figure, the term “grants” refers to “grants and scholarships.” Although rounded numbers are displayed, the figures are based on unrounded data.

SOURCE: U.S. Department of Education, National Center for Education Statistics, Integrated Postsecondary Education Data System (IPEDS), Winter 2021–22, Student Financial Aid component. See Digest of Education Statistics 2022, table 331.20.

The average amount of financial aid awarded to first-time, full-time degree-seeking undergraduates at 2-year institutions varied by control of institution. The average amount awarded was higher at private nonprofit institutions for every award type except student loans. Across 2-year institutions in 2020–21, average award amounts for
  • federal grants were higher at private nonprofit institutions ($6,000) than at private for-profit ($5,200) and public ($5,000) institutions;
  • state/local grants were highest at private nonprofit institutions ($3,800), followed by private for-profit ($3,300) and public ($2,600) institutions;
  • institutional grants were more than twice as high at private nonprofit institutions ($5,900) as at public ($2,300) and private for-profit ($1,800) institutions.
  • student loans were higher at private for-profit institutions ($8,300) than at public ($5,000) and private nonprofit ($4,200) institutions.

1 For the sake of brevity, “grants” will be used to refer to “grants and scholarships” for the rest of this indicator.

2 Parent PLUS Loans are taken out by parents of dependent students and are used toward the students’ undergraduate education. Parent PLUS Loans were available through both the William D. Ford Federal Direct Loan Program and the Federal Family Education Loan Program (FFELP) until FFELP was discontinued in 2010. Since then, Parent PLUS Loans have been referred to as Direct PLUS Loans.

3 Dollar amounts in this indicator are reported in constant 2021–22 dollars. Constant dollars are based on the Consumer Price Index, prepared by the Bureau of Labor Statistics, U.S. Department of Labor, adjusted to an academic-year basis.

Supplemental Information

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Table 331.20 (Digest 2022): First-time, full-time degree/certificate-seeking undergraduate students enrolled in degree-granting postsecondary institutions, by participation and average amount awarded in financial aid programs, and control and level of institution: 2000-01 through 2020-21;
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Table 331.20 (Digest 2016): Full-time, first-time degree/certificate-seeking undergraduate students enrolled in degree-granting postsecondary institutions, by participation and average amount awarded in financial aid programs, and control and level of institution: 2000-01 through 2014-15
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Certificate Constant dollars Control of institutions Degree-granting institutions Financial aid First-time, full-time students Full-time enrollment Postsecondary institutions (basic classification by level) Private institution Public school or institution Undergraduate students
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Suggested Citation

National Center for Education Statistics. (2023). Sources of Financial Aid. Condition of Education. U.S. Department of Education, Institute of Education Sciences. Retrieved [date], from https://nces.ed.gov/programs/coe/indicator/cuc.
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