As financial aid professionals, we've all been faced with that "easy" question we should know, but for some reason the answer escapes us. To help, NASFAA has designed this Frequently Asked Questions (FAQ) set to provide answers for those broad, basic student aid questions that come up from time to time. In addition, we have listed where the information can be found, the date of the information, and the date NASFAA posted the information.
If you identify a question you would like to see added to the FAQ, or if you have the answer to a general financial aid question that would benefit others, please send an e-mail to Research@NASFAA.org
What percentage of undergraduates received financial aid?
Two-Year Public Colleges 46.8%
Four-Year Public Colleges and Universities 68.6%
Four-Year Private Colleges and Universities 83.3%
Private, for Profit (Proprietary) Institutions 89.9%
Total (All Institutional Types) 63.2%
Data Date: Award Year 2003-2004
Source: U.S. Department of Education, National Center for Education Statistics, 2000 National Postsecondary Student Aid Study, Undergraduate Data Analysis System, May 2005.
What is the average estimated undergraduate budgets of a two-year public institution (enrollment weighted) for 2007-2008?
| |
Resident |
Commuter |
| Tuition and Fees: |
$2,361 |
$2,361 |
| Room and Board: |
- |
$6,785 |
| Books and Supplies: |
$921 |
$921 |
| Transportation: |
- |
$1,270 |
| Other Expenses |
- |
$1,699 |
| Total Expenses |
- |
$13,126 |
Note: - Sample too small to provide meaningful information
Source: The College Board, Trends in College Pricing 2007, Table 2, pg. 7.
What are the average estimated undergraduate budgets of a four-year public institution (enrollment weighted) for 2007-2008?
| |
Resident |
Commuter |
Out of State |
| Tuition and Fees: |
$6,185 |
$6,185 |
$16,640 |
| Room and Board: |
$7,404 |
$7,419 |
$7,404 |
| Books and Supplies: |
$988 |
$988 |
$988 |
| Transportation: |
$911 |
$1,284 |
$911 |
| Other Expenses |
$1,848 |
$2,138 |
$1,848 |
| Total Expenses |
$17,336 |
$18,014 |
$27,791 |
Source: The College Board, Trends in College Pricing 2007, Table 2, pg. 7.
What are the average estimated undergraduate budgets of a four-year private institution (enrollment weighted) for 2007-2008?
| |
Resident |
Commuter |
| Tuition and Fees: |
$23,712 |
$23,712 |
| Room and Board: |
$8,595 |
$7,499 |
| Books and Supplies: |
$988 |
$988 |
| Transportation: |
$768 |
$1,138 |
| Other Expenses |
$1,131 |
$1,644 |
| Total Expenses |
$35,374 |
$35,001 |
Source: The College Board, Trends in College Pricing 2007, Table 2, pg. 7.
What is the current default rate?
According to a US Department of Education press release dated September 10, 2007, the national default rate for FFEL and Direct Loan programs was 4.6%.
Source: www.ed.gov/news/pressreleases/2007/09/09102007.html
How many students are in default?
As of September 10, 2007, the number of students in default for FFEL and Direct Loans was 161,951.
Source: www.ed.gov/offices/OSFAP/defaultmanagement/defaultrates.html
Note: The number of defaulters is based on borrowers who began their repayment between 10/1/2004 and 9/30/2005, and who defaulted between 10/1/2004 and 9/30/2006.
How much federal funding is appropriated for financial aid programs?
| Program |
Appropriated (in thousands of dollars) |
| Pell Grants |
$13,660,711 |
| FSEOG |
$770,933 |
| Federal Work Study |
$980,354 |
| Perkins Loans |
$42,000 |
Data Date: Full Year FY2007 Continuing Resolution
Source: www.ed.gov/about/overview/budget/budget07/07action.pdf
What were the average grant, loan, and work awards for undergraduates?
| Program |
Amount (in whole dollars) |
| Pell Grants |
$2,494 |
| ACG |
$850 |
| SMART |
$3,875 |
| Federal Student Loans (FFEL and Direct) |
| Stafford Loans |
$4,922 |
| Unsub. Stafford Loans |
$3,953 |
| PLUS |
$11,179 |
| Federal Work Study |
$1,335 |
| Perkins Loans |
$2,208 |
| FSEOG |
$597 |
Source: The College Board, Trends in Student Financial Aid 2007, Table 3&4, pg. 10-11.
How many aid awards are granted to undergraduates?
| Program |
Amount (in thousands) |
| Pell Grants |
5,156 |
| Federal Student Loans (FFEL and Direct) |
| Stafford Loans |
6,124 |
| Unsub. Stafford Loans |
3,754 |
| PLUS |
722 |
| Federal Work Study |
880 |
| Perkins Loans |
514 |
| FSEOG |
1,291 |
Source: The College Board, Trends in Student Financial Aid 2007, Table 3&4, pg. 10-11.
How many undergraduate students receive financial aid?
In 2003-2004, the number of undergraduates (unduplicated) receiving aid was approximately 12.05 million.
Data Date: 2003-2004
Source: U.S. Department of Education, 2004 National Postsecondary Student Aid Study
What is the average amount borrowed by full-time dependent undergraduate students?
Four-Year Public Institutions: $5380
Four-Year Private Institutions: $7320
Two-Year Public Institutions: $3180
Proprietary (Private, For Profit) Institution: $ 6750
Source: The College Board, Trends in Student Financial Aid 2007, Figure4b, pg. 13
What is the average percent borrowing by full-time dependent undergraduate students?
Four-Year Public Institutions: 47%
Four-Year Private Institutions: 63%
Two-Year Public Institutions: 17%
Proprietary (Private, For Profit) Institution: 74%
Source: The College Board, Trends in Student Financial Aid 2007, Figure4b, pg. 13
