51+ Financial Aid Statistics [2023]

Report Highlights

86% of students were awarded financial aid at institutions overall.
30% of parents haven’t saved any money for college.
In 2020-2021 a total of $234.9 billion in aid was utilized by a combination of graduate and undergraduate students.
For full-time equivalent students, the average aid received per student was $14,800 for undergraduates and $26,920 for graduate students.
California spent $2.23 billion in financial aid, ranking 1st in the U.S, followed by Texas with $1.2 billion, and New York with $1.16 billion in financial aid spending.
Meanwhile, Montana ranks 52nd in the U.S. with $1.3 million spent in financial aid, behind New Hampshire with $4.9 million, and Hawaii with $5.6 million in financial aid spending.

Types and Amount of Financial Aid

The main categories of financial aid are grants and loans, as well as work study programs. Grants do not have to be repaid, while loans generally do need to be repaid.

Nationwide, during the 2020-2021 school year, students received or could receive grants from institutions, their state, military, as well as private student loans, Federal Direct Parent PLUS loans, and the following:

Federal Pell Grants with an average amount of $4310 and a maximum of $6345.
Federal Supplemental Educational Opportunity Grant with an average of $670 and a maximum of $4000.
TEACH Grant up to $4,000 per year for students who meet certain requirements.
Federal Direct Stafford Loan with an average of $5,800 for dependents, $7630 for independents, and a maximum of $5,500 to $7,500 for dependents and $9,500 to $12,500 for independents depending on various factors.
Federal Work Study programs with an average of $2,340 and a maximum of approximately $4,000.

Amount of Financial Aid Received for 2020-2021 School Year

A total of $234.9 billion in aid was utilized by a combination of graduate and undergraduate students.
The $234.9 billion includes funds received from all tax credit, grants, federal loans, and federal work-study programs.
$138.6 billion of this aid was from grants.
Grants included $38.1 billion in federal grant aid, of which $26 billion was from Pell Grants.
State grants made up between $200 to over $1000 per student in some states.
Institutional grant aid made up $71.1 billion of aid.
For full-time equivalent students, the average aid received per student was $14,800 for undergraduates and $26,920 for graduate students.

Demographics of Financial Aid Recipients

86% of full-time students accept financial aid, whereas 63.6% of part-time students accept financial aid.
69.1% of undergraduate males and 74.6% of undergraduate females accepted financial aid
Percentages of students by racial/ethnic group who utilized financial aid were 66% for Asian students, 74% for White students, 82% for Hispanic students, 87% for American Indian or Alaskan Native students, and 88% for Black students.
75% of separated students, 73.5% of unmarried students, and 64.7% of married students accepted aid.
On the other hand, 77.2% of all financial aid recipients are younger than 30 years old, while only 22.8% are 30 years old or older.

Financial Aid by State

Alabama

36.7% of Alabama’s undergraduate students utilized federal student loans with an average of $5,162 in aid per student at 2-year institutions, and $7,174 at 4-year institutions.
Alabama spent $80.3 million in financial aid, ranking 32nd in the U.S.

Alaska

22.4% of Alaska’s undergraduate students utilized federal student loans with an average of $6,426 in aid per student at 2-year institutions, and $6,585 at 4-year institutions.
Alaska spent $27.3 million in financial aid, ranking 38th in the U.S.

Arizona

35.2% of Arizona’s undergraduate students utilized federal student loans with an average of $4,685 in aid per student at 2-year institutions, and $7,650 at 4-year institutions.
Arizona spent $28.6 million in financial aid, ranking 37th in the U.S.

Arkansas

37.3% of Arkansas’ undergraduate students utilized federal student loans with an average of $4815 in aid per student at 2-year institutions, and $6,896 at 4-year institutions.
Arkansas spent $115.5 million in financial aid, ranking 28th in the U.S.

California

16.5% of California’s undergraduate students utilized federal student loans with an average of $6,702 in aid per student at 2-year institutions, and $6,610 at 4-year institutions.
California spent $2.23 billion in financial aid, ranking 1st in the U.S.

Colorado

34.3% of Colorado’s undergraduate students utilized federal student loans with an average of $5,722 in aid per student at 2-year institutions, and $6,819 at 4-year institutions.
Colorado spent $185.8 million in financial aid, ranking 18th in the U.S.

Connecticut

40.3% of Connecticut’s undergraduate students utilized federal student loans with an average of $6,226 in aid per student at 2-year institutions, and $7,599 at 4-year institutions.
Connecticut spent $148.7 million in financial aid, ranking 21st in the U.S.

Delaware

42.8% of Delaware’s undergraduate students utilized federal student loans with an average of $6,263 in aid per student at 2-year institutions, and $6,283 at 4-year institutions.
Delaware spent $24.2 million in financial aid, ranking 39th in the U.S.

District of Columbia

41.5% of D.C.’s undergraduate students utilized federal student loans with an average of $7,094 in aid per student at 2-year institutions, and $7,074 at 4-year institutions.
The District of Columbia spent $32.4 million in financial aid, ranking 36th in the U.S.

Florida

30.4% of Florida’s undergraduate students utilized federal student loans with an average of $6,807 in aid per student at 2-year institutions, and $6,999 at 4-year institutions.
Florida spent $1.01 billion in financial aid, ranking 4th in the U.S.

Georgia

38.3% of Georgia’s undergraduate students utilized federal student loans with an average of $5,962 in aid per student at 2-year institutions, and $6,575 at 4-year institutions.
Georgia spent $888.4 million in financial aid, ranking 5th in the U.S.

Hawaii

19.4% of Hawaii’s undergraduate students utilized federal student loans with an average of $5,916 in aid per student at 2-year institutions, and $6,575 at 4-year institutions.
Hawaii spent $5.6 million in financial aid, ranking 49th in the U.S.

Idaho

27.3% of Idaho’s undergraduate students utilized federal student loans with an average of $4,522 in aid per student at 2-year institutions, and $6,826 at 4-year institutions.
Idaho spent $15.5 million in financial aid, ranking 46th in the U.S.

Illinois

31.4% of Illinois’ undergraduate students utilized federal student loans with an average of $4,952 in aid per student at 2-year institutions, and $6,931 at 4-year institutions.
Illinois spent $397.8 million in financial aid, ranking 12th in the U.S.

Indiana

37.7% of Indiana’s undergraduate students utilized federal student loans with an average of $4,666 in aid per student at 2-year institutions, and $6,538 at 4-year institutions.
Indiana spent $373 million in financial aid, ranking 14th in the U.S.

Iowa

41.5% of Iowa’s undergraduate students utilized federal student loans with an average of $5,506 in aid per student at 2-year institutions, and $6,635 at 4-year institutions.
Iowa spent $62.2 million in financial aid, ranking 34th in the U.S.

Kansas

34.5% of Kansas’ undergraduate students utilized federal student loans with an average of $5,515 in aid per student at 2-year institutions, and $6,862 at 4-year institutions.
Kansas spent $22.4 million in financial aid, ranking 40th in the U.S.

Kentucky

37.2% of Kentucky’s undergraduate students utilized federal student loans with an average of $5,324 in aid per student at 2-year institutions, and $6,770 at 4-year institutions.
Kentucky spent $258.1 million in financial aid, ranking 17th in the U.S.

Louisiana

44.4% of Louisiana’s undergraduate students utilized federal student loans with an average of $6,148 in aid per student at 2-year institutions, and $6,821 at 4-year institutions.
Louisiana spent $331.8 million in financial aid, ranking 15th in the U.S.

Maine

42.8% of Maine’s undergraduate students utilized federal student loans with an average of $5,241 in aid per student at 2-year institutions, and $6,456 at 4-year institutions.
Maine spent $17.5 million in financial aid, ranking 45th in the U.S.

Maryland

29.2% of Maryland’s undergraduate students utilized federal student loans with an average of $5,752 in aid per student at 2-year institutions, and $6,974 at 4-year institutions.
Maryland spent $108.2 million in financial aid, ranking 30th in the U.S.

Massachusetts

43% of Massachusetts’ undergraduate students utilized federal student loans with an average of $4,653 in aid per student at 2-year institutions, and $6,678 at 4-year institutions.
Massachusetts spent $146 million in financial aid, ranking 22nd in the U.S.

Michigan

38.9% of Michigan’s undergraduate students utilized federal student loans with an average of $4,715 in aid per student at 2-year institutions, and $6,831 at 4-year institutions.
Michigan spent $121.6 million in financial aid, ranking 27th in the U.S.

Minnesota

40.9% of Minnesota’s undergraduate students utilized federal student loans with an average of $6,226 in aid per student at 2-year institutions, and $6,936 at 4-year institutions.
Minnesota spent $302.4 million in financial aid, ranking 16th in the U.S.

Mississippi

37.4% of Mississippi’s undergraduate students utilized federal student loans with an average of $4,668 in aid per student at 2-year institutions, and $7,671 at 4-year institutions.
Mississippi spent $42.2 million in financial aid, ranking 35th in the U.S.

Missouri

36.7% of Missouri’s undergraduate students utilized federal student loans with an average of $4,086 in aid per student at 2-year institutions, and $6,938 at 4-year institutions.
Missouri spent $128.9 million in financial aid, ranking 25th in the U.S.

Montana

39.5% of Montana’s undergraduate students utilized federal student loans with an average of $5,920 in aid per student at 2-year institutions, and $6,739 at 4-year institutions.
Montana spent $1.3 million in financial aid, ranking 51st in the U.S.

Nebraska

36.7% of Nebraska’s undergraduate students utilized federal student loans with an average of $3,862 in aid per student at 2-year institutions, and $6,624 at 4-year institutions.
Nebraska spent $21.1 million in financial aid, ranking 43rd in the U.S.

Nevada

25.5% of Nevada’s undergraduate students utilized federal student loans with an average of $6,816 in aid per student at 2-year institutions, and $6,850 at 4-year institutions.
Nevada spent $72.4 million in financial aid, ranking 33rd in the U.S.

New Hampshire

63.9% of New Hampshire’s undergraduate students utilized federal student loans with an average of $5,917 in aid per student at 2-year institutions, and $7,173 at 4-year institutions.
New Hampshire spent $4.9 million in financial aid, ranking 50th in the U.S.

New Jersey

37% of New Jersey’s undergraduate students utilized federal student loans with an average of $6,022 in aid per student at 2-year institutions, and $7,385 at 4-year institutions.
New Jersey spent $637 million in financial aid, ranking 7th in the U.S.

New Mexico

19.5% of New Mexico undergraduate students utilized federal student loans with an average of $4,672 in aid per student at 2-year institutions, and $6,700 at 4-year institutions.
New Mexico spent $88.8 million in financial aid, ranking 31st in the U.S.

New York

33.2% of New York undergraduate students utilized federal student loans with an average of $5,470 in aid per student at 2-year institutions, and $6,611 at 4-year institutions.
New York spent $1.16 billion in financial aid, ranking 3rd in the U.S.

North Carolina

34.5% of North Carolina’s undergraduate students utilized federal student loans with an average of $6,263 in aid per student at 2-year institutions, and $6,740 at 4-year institutions.
North Carolina spent $391.5 million in financial aid, ranking 13th in the U.S.

North Dakota

42.1% of North Dakota’s undergraduate students utilized federal student loans with an average of $6,303 in aid per student at 2-year institutions, and $6,566 at 4-year institutions.
North Dakota spent $21.2 million in financial aid, ranking 42nd in the U.S.

Ohio

42.5% of Ohio’s undergraduate students utilized federal student loans with an average of $5,095 in aid per student at 2-year institutions, and $6,611 at 4-year institutions.
Ohio spent $136.4 million in financial aid, ranking 23rd in the U.S.

Oklahoma

31.8% of Oklahoma undergraduate students utilized federal student loans with an average of $5,250 in aid per student at 2-year institutions, and $7,085 at 4-year institutions.
Oklahoma spent $108.8 million in financial aid, ranking 29th in the U.S.

Oregon

36.6% of Oregon’s undergraduate students utilized federal student loans with an average of $5,544 in aid per student at 2-year institutions, and $6,685 at 4-year institutions.
Oregon spent $175.5 million in financial aid, ranking 20th in the U.S.

Pennsylvania

52.5% of Pennsylvania’s undergraduate students utilized federal student loans with an average of $5,982 in aid per student at 2-year institutions, and $6,835 at 4-year institutions.
Pennsylvania spent $416.2 million in financial aid, ranking 10th in the U.S.

Rhode Island

47.7% of Rhode Island’s undergraduate students utilized federal student loans with an average of $5,320 in aid per student at 2-year institutions, and $6,586 at 4-year institutions.
Rhode Island spent $10 million in financial aid, ranking 47th in the U.S.

South Carolina

42.5% of South Carolina undergraduate students utilized federal student loans with an average of $5,472 in aid per student at 2-year institutions, and $6,988 at 4-year institutions.
South Carolina spent $421.3 million in financial aid, ranking 9th in the U.S.

South Dakota

51% of South Dakota’s undergraduate students utilized federal student loans with an average of $6,146 in aid per student at 2-year institutions, and $6,527 at 4-year institutions.
South Dakota spent $7.1 million in financial aid, ranking 48th in the U.S.

Tennessee

33.3% of Tennessee’s undergraduate students utilized federal student loans with an average of $5,949 in aid per student at 2-year institutions, and $7,223 at 4-year institutions.
Tennessee spent $454.3 million in financial aid, ranking 8th in the U.S.

Texas

28.3% of Texas’s undergraduate students utilized federal student loans with an average of $5,462 in aid per student at 2-year institutions, and $6,843 at 4-year institutions.
Texas spent $1.2 billion in financial aid, ranking 2nd in the U.S.

Utah

29.3% of Utah’s undergraduate students utilized federal student loans with an average of $4,206 in aid per student at 2-year institutions, and $6,296 at 4-year institutions.
Utah spent $178.9 million in financial aid, ranking 19th in the U.S.

Vermont

43.5% of Vermont’s undergraduate students utilized federal student loans with an average of $4,578 in aid per student at 2-year institutions, and $6,845 at 4-year institutions.
Vermont spent $21.5 million in financial aid, ranking 41st in the U.S.

Virginia

35.6% of Virginia’s undergraduate students utilized federal student loans with an average of $5,582 in aid per student at 2-year institutions, and $7,161 at 4-year institutions.
Virginia spent $844 million in financial aid, ranking 6th in the U.S.

Washington

24.4% of Washington’s undergraduate students utilized federal student loans with an average of $5,549 in aid per student at 2-year institutions, and $6,214 at 4-year institutions.
Washington spent $403.7 million in financial aid, ranking 11th in the U.S.

West Virginia

35.7% of West Virginia’s undergraduate students utilized federal student loans with an average of $5,017 in aid per student at 2-year institutions, and $7,277 at 4-year institutions.
West Virginia spent $123.5 million in financial aid, ranking 26th in the U.S.

Wisconsin

41.6% of Wisconsin’s undergraduate students utilized federal student loans with an average of $4,909 in aid per student at 2-year institutions, and $6,369 at 4-year institutions.
Wisconsin spent $135.1 million in financial aid, ranking 24th in the U.S.

Wyoming

21.9% of Wyoming’s undergraduate students utilized federal student loans with an average of $6,164 in aid per student at 2-year institutions, and $5,038 at 4-year institutions.
Wyoming spent $18.1 million in financial aid, ranking 44th in the U.S.