The College Board recently published their annual Trends in College Pricing and Student Aid 2021 report which provides updates on college pricing and student aid that is available to help students and their families pay for college.
Among the 2020-21 findings related to student aid (2020 dollars):
- Undergraduate students received an average of $14,800 in financial aid per full-time enrolled (FTE) student: $10,050 in grants, $3,780 in federal loans, $880 in federal education tax credits and deductions, and $90 in Federal Work-Study (FWS).
- Graduate students received an average of $26,920 in financial aid per FTE student: $8,860 in grants, $17,540 in federal loans, $460 in tax credits and deductions, and $60 in Federal Work Study (FWS).
- Undergraduate and graduate students received $234.9 billion in grants from all sources (federal, state, institutional, private, and employer), FWS, federal loans, and federal tax credits and deductions. In addition, students borrowed about $12 billion from non federal sources.
- In 2020-21, total education borrowing from all sources (including federal and non federal loans to students and parents) declined for the tenth consecutive year.
- The total annual student and parent borrowing for postsecondary education peaked in 2010-11 to $135.1 billion and declined over the next ten years by 29% ($39.3 billion), to $95.9 billion in 2020-21.
- Federal loans per FTE undergraduate student declined to $3,780 in 2020-21, from a peak of $6,160 in 2010-11.
- Federal loans per FTE graduate student declined to $17,540 in 2020-21, from a peak of $20,280 in 2010-11.
- As of March 2021, 54% of borrowers with outstanding education debt owed less than $20,000; 45% of the outstanding federal education loan debt was held by the 10% of borrowers owing $80,000 or more.
