Student Financing of Postsecondary Education

In 2019–20, 72 percent of all undergraduates received some type of financial aid, and the average amount of aid received was $14,100. A new National Center for Education Statistics (NCES) report, 2019–20 National Postsecondary Student Aid Study (NPSAS:20) First Look at Student Financial Aid Estimates for 2019–20, provides information on the percentages of students receiving various types of financial aid and average amounts received. The estimates are presented by type of institution attended, gender, race/ethnicity, attendance pattern, and income level (for undergraduate students). Additionally, percentages and average amounts are described by dependency status for undergraduate students and by graduate program for graduate students. Key findings— Sixty-four percent of undergraduates received grants, 36 percent took out student loans, 5 percent received work-study awards, 2 percent received federal veterans’ education benefits, and 4 percent had parents who took out federal Direct PLUS Loans. Fifty-five percent of undergraduates received federal student aid, 23 percent received state aid, and 28 percent received aid from their institution. Forty percent of undergraduates received federal Pell Grants, and 12 percent received federal campus-based aid. Thirty-four percent of undergraduates took out subsidized or unsubsidized federal Direct Loans. Seventy-four percent of graduate students received some type of financial aid. Forty-three percent received grants, 12 percent received graduate assistantships, and 42 percent took out loans.