Featured Reports

Postsecondary Student Financial Aid Estimates for 2015-16

8 February 2018 In Featured Reports

Postsecondary Student Financial Aid Estimates for 2015-16

By Jael Greene

The National Center for Education Statistics recently released a report on the 2015-16 student financial aid estimates to measure how students and their families pay for postsecondary education. report used the 2015-16 National Postsecondary Student Aid Study, which is a nationally representative sample survey of undergraduate and graduate students who were enrolled any time from July 1, 2015 to June 30, 2016 in Title IV eligible institutions. The report’s emphasis was on the use of federal student aid.

 

Key findings include:

 

  • While 72% of all undergraduate students received some type of financial aid, just over half (55%) of undergraduate students received federal student aid.
  • The average total amount undergraduate students received in federal student aid was $8,600.
    • 39% of all undergraduate students received federal Pell Grants. The average award of a Pell Grant was $3,700.
    • 5% of all undergraduates received student aid through work-study programs. The average amount earned was $2,400.
    • 3% of all undergraduate students received federal veterans’ education benefits in the average amount of $15,300.
    • 4% of all undergraduates had parents who took out federal Direct PLUS Loans. The average amount borrowed was $14,000.
  • 38% of all undergraduate students took out some type of student loans and the average amount borrowed was $7,600.
    • 36% of all undergraduate students took out federal Direct Loans. The average amount borrowed was $6,600.
  • 72% of all graduate students received some type of financial aid to help pay for their graduate education. The average total aid received by graduate students was $22,000.
    • 8% of all graduate students received a graduate assistantship and the average value was $13,400.
    • 40% of all graduate students received nonfederal grants and the average amount was $9,500.
    • 14% of all graduate students received employer aid in the average amount of $6,000.
  • 44% of all graduate students took out some type of student loans to pay for their education. The average total amount borrowed was $23,400.
    • 40% of all graduate students borrowed federal Direct Unsubsidized Loans. The average amount was $18,200.
    • 10% of all graduate students took out Federal Direct PLUS Loans. The average amount was $22,300.