Report: “44th Annual Survey Report on State-Sponsored Student Financial Aid”
Organization: National Association of State Student Grant and Aid Programs
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Report: “44th Annual Survey Report on State-Sponsored Student Financial Aid”
Organization: National Association of State Student Grant and Aid Programs
Summary: This survey of aid programs for the 2012-13 academic year found that states awarded $11.2-billion to students, a drop of 0.6 percent adjusted for inflation when compared with the previous year. The total includes grants, loans, loan forgiveness, work-study, and tuition waivers.
Three-quarters of the undergraduate grant aid awarded by states was based fully or partly on need. This is the second consecutive year that need-based aid has increased as a share of undergraduate grants, and the figure is the highest it has been in a decade.
Nearly 70 percent of all undergraduate, need-based aid was awarded to students in just eight states: California, Illinois, New Jersey, New York, North Carolina, Pennsylvania, Texas, and Washington.
Bottom Line: State money for financial aid remains constricted even as state tax revenues have generally improved since the end of the most recent recession. But states are gradually putting more money back into need-based aid as they turn their focus to helping low-income college students.
