March 4, 2022
Figuring out how to pay for college can be challenging. If you’re like most students, you probably won’t be able to cover the costs with savings and scholarships alone. You might be wondering “how much financial aid will I get?”
The amount of money you can get by filing the Free Application for Federal Student Aid (FAFSA) depends on your financial need. But, the maximum amount can be in the low tens of thousands of dollars per year. Average amounts are about $9,000, with less than half of that in the form of grants.
This table shows the maximum and average amounts for various types of federal student aid for undergraduate students for 2020-2021. Average amounts have been rounded to the nearest multiple of $10.
Get a personalized estimate of your EFC with our financial aid calculator.
Average and maximum financial aid
Type of Aid | Average Amount | Maximum Amount |
Federal Pell Grant | $4,310 | $6,345 |
Federal Direct Stafford Loan | $5,800 (dependent) | $5,500 to $7,500 (dependent) |
Federal Work-Study | $2,340 | No maximum |
Federal Supplemental Educational Opportunity Grant | $670 | $4,000 |
Total Federal Student Aid | $13,120 (dependent) | $19,845 to $21,845 (dependent) |
Total Federal Grants | $4,980 | $10,345 |
However, there are interaction effects between the amounts of the various types of awards. Based on data from the 2015-2016 National Postsecondary Student Aid Study (NPSAS:16), the actual average total federal student aid and actual average federal grants are lower than shown in the previous table.
This table shows the average amounts of federal aid, the percentages receiving federal aid and the 90thpercentile amounts of federal aid among undergraduate students who filed the FAFSA.
Financial aid recieved
Type of Aid | Average Amount | Percent Receiving | 90thPercentile |
Total Federal Student Aid | $9,010 (dependent) | 58.8% (dependent) | $18,275 (dependent) |
Total Federal Grants | $4,150 (dependent) | 37.3% (dependent) | $5,999 (dependent) |
These figures do not include military student aid, state aid and institutional aid. They also do not include the Federal Direct Parent PLUS loan, which is available up to the full cost of attendance minus other aid, and the TEACH Grant, which provides up to $4,000 per year to students who commit to pursuing teaching careers in national need areas.
If you don’t receive enough financial aid to pay for college, you might consider taking out a student loan. Interest rates on private student loans vary, so be sure to compare lenders before you borrow.
See also:
- Complete Guide to Financial Aid and the FAFSA
- How to Appeal for More Financial Aid for College
- 7 Reasons Financial Aid Can Be Taken Away
Shop Smarter For College
See your personalized affordability profile for 3 schools and find out how much you might need to borrow with the free MyCAP tool from College Aid Pro If you want to get a personal coaching session or advanced features, use SFC15 for a 15% discount!
SPONSOR CENTER
As an expert in the field of college financial aid, I bring a wealth of knowledge and experience to guide you through the complexities of funding higher education. My expertise is built on a deep understanding of the financial aid landscape, including federal student aid programs, application processes, and the intricate details that impact the amount of aid students receive.
Let's delve into the concepts mentioned in the article by Mark Kantrowitz, published on March 4, 2022, which discusses the challenges of paying for college and provides insights into financial aid figures:
-
Free Application for Federal Student Aid (FAFSA):
- The FAFSA is a crucial document for students seeking financial aid for college.
- The amount of aid a student can receive through FAFSA depends on their financial need.
-
Types of Federal Student Aid:
- The article outlines various types of federal student aid, including Federal Pell Grant, Federal Direct Stafford Loan, Federal Work-Study, and Federal Supplemental Educational Opportunity Grant.
-
Average and Maximum Amounts of Aid:
- Average and maximum amounts for each type of federal student aid are provided for the 2020-2021 academic year.
- Pell Grants, Stafford Loans, Work-Study, and other grants have specified average and maximum figures.
-
Interaction Effects and Actual Averages:
- The article mentions interaction effects between different types of awards, affecting the actual average total federal student aid.
- Data from the 2015-2016 National Postsecondary Student Aid Study (NPSAS:16) is cited to highlight that actual averages may differ from the maximum amounts listed.
-
Figures from NPSAS:16:
- The table presents average amounts of federal aid, percentages of students receiving aid, and 90th percentile amounts based on data from NPSAS:16.
-
Exclusions from Figures:
- The provided figures exclude military student aid, state aid, institutional aid, Federal Direct Parent PLUS loan, and TEACH Grant.
- The Federal Direct Parent PLUS loan and TEACH Grant are briefly described, including their purposes and eligibility criteria.
-
Considering Student Loans:
- The article suggests that if students don't receive enough financial aid, they may consider taking out a student loan.
- It emphasizes the importance of comparing lenders and understanding interest rates on private student loans.
-
Additional Resources:
- The article concludes with links to related articles, such as the Complete Guide to Financial Aid and the FAFSA, tips on appealing for more financial aid, and advice on shopping smarter for college.
In summary, this comprehensive article by Mark Kantrowitz provides valuable information on the intricacies of college financial aid, covering application processes, types of aid, average and maximum amounts, and considerations for students who may need to explore student loans. The insights are based on data and a nuanced understanding of the financial aid landscape.
